KPI Bridge Oil announced that it has agreed to acquire OceanConnect Marine. Subject to the receipt of regulatory approval, the two companies will merge to form a new brand and entity, KPI OceanConnect.
The merger will create one of the largest, most experienced independent marine fuels service and solutions providers in the world. With a 170-strong team operating across 15 locations globally, KPI OceanConnect will have an established foothold in every major maritime hub and time zone.
Both KPI Bridge Oil and OceanConnect have a rich maritime heritage dating back almost 50 years and a reputation for integrity and trust in the market. The new entity will benefit from numerous other synergies, bringing together a wealth of knowledge, expertise and resources.
It is envisaged that KPI OceanConnect will be led by CEO Søren Høll – KPI Bridge Oil’s current CEO – supported by an experienced and diverse management team stemming from both organisations.
Søren Høll, CEO, KPI Bridge Oil, commented: “Our people remain our strongest asset and will play an important role in driving our growth strategy and delivering added value for our business partners going forward. All team members will benefit from fresh opportunities, being part of an ambitious new company, and we will continue our strong focus on personal and professional development as well as on providing outstanding career opportunities globally.”
S.I. Shim, Managing Director, OceanConnect Marine, added: “It’s an ideal fit. Both KPI Bridge Oil and OceanConnect are known for having a partnership-based approach to business with a focus on building long-term relationships and sustainability, as well as proven track record of delivering expert advice and services to the marine fuels supply chain. The formation of KPI OceanConnect will be timely in relation to the new 2020 market dynamic and the demand for a consultative approach to fuel procurement. We are uniquely positioned and equipped to fulfil this need and to support our business partners to thrive in the new marketplace.”
Once the merger is completed, KPI OceanConnect’s focus will be on successfully integrating both organisations, creating a common culture founded on shared values, and exploring the synergies to further expand the company’s service offerings to support its business partners.