Eitzen Maritime Services Grows Market Share with Seven Seas Acquisition

Eitzen Maritime Services (EMS) this week moved forward with its goal to become the leading global ship supply and ship management companies with the $115 million acquisition of leading Middle East ship supplier Seven Seas Shipchandlers. Seven Seas saw a turnover of $193 million in 2007 and EBITDA of $14.9 million, implying a 7.1x EV to trailing EBITDA sales price. The acquisition included no interest bearing debt as and a large, modern warehouse with a prime location in Dubai.

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