FORTH PORTS has acquired Montrose based marine services business Targe for an undisclosed sum.
Targe, founded in 1991, manages three tugs and owns a fleet of nine vessels that includes five tugs.
The companies have worked closely together for a number of years with Forth Estuary towage and Forth Ports’ towage subsidiary. They believed the acquisition represents and opportunity to expand and take advantage of the business opportunities marine services area and in towage.
Forth Ports and Targe have each made significant investments in their towage assets recently, with Forth Ports adding the Craigleith and the Inchcolm tugs to its fleet and the Kittiwake and Peterel joining Targe’s fleet.
Tom Woolley will remain as the managing director of Targe with Nick Dorman, as operations director continuing to lead the business with day-to-day operations remaining the same. The Targe name will be retained.
Alasdair Smith, Forth Ports’ Senior Marine Commercial Manager, will join the Targe team in a senior position which will bring the combined commercial expertise of Forth Ports’ Group businesses to deliver on its growth ambitions.
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.”
Tom Woolley, Managing Director of Targe Towing, said:“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.”