Forth Ports acquires tugs firm Targe Towing
The Valaris Gorilla VI jack-up rig departing the Port of Dundee (pic: contributed)
Forth Ports has acquired marine services business Targe Towing based in Montrose, for an undisclosed sum.
Targe, founded in 1991, owns a fleet of nine vessels, including five tugs, and manages a further three tugs.
It has worked closely with Forth Ports’ towage subsidiary, Forth Estuary Towage, for a number of years and both companies believe the acquisition represents an opportunity to expand and take advantage of business opportunities in the towage and marine services area.
Targe’s day-to-day operations will remain the same, with both Tom Woolley, managing director, and Nick Dorman, operations director, continuing to lead the business. The Targe name will be retained.
Alasdair Smith, Forth Ports’ senior marine commercial manager, will join the Targe team in a senior position. The integration process and close collaboration between Forth Estuary Towage and Targe as part of Forth Ports will be led by Stuart Wallace, Forth Ports’ chief operating officer.
Charles Hammond, group chief executive of Forth Ports, said: “This is an important strategic move, establishing a commercial marine services business of scale. I am confident that, as part of Forth Ports, Targe will develop and grow at an even faster pace.”
Mr Woolley added: “We have enjoyed a close working relationship with the Forth Ports team for years and it’s clear that there are opportunities that we can pursue together to further develop the business.”
PwC’s corporate finance team in Scotland acted as lead adviser to Targe Towing.