Hoyer’s Petrolog business unit acquired a controlling interest in the Norway-based Gran Taralrud organization. With an overall turnover of more than 500m Norwegian crowns (EUR 60m) Gran Taralrud is the leading bulk liquid transport and logistics provider in Norway. Gran Taralrud specialises in the movement of petroleum products, employs 450 people, and also has important operations in Sweden, Estonia, Latvia, and Lithuania.
“Like Hoyer, Gran Taralrud is a successful organisation with a strong management team and a track record of delivering safety and service excellence”, says Mark Binns, director of the Petrolog business unit at Hoyer. “The transaction provides a strong platform to build on our success and further grow the business. I am delighted to be welcoming the whole Gran Taralrud team to the Hoyer Group.”
The transaction increases Petrolog’s fleet of specialist vehicles to 920, while increasing Hoyer Group revenues in the region to EUR 120m. Both Petrolog and Gran Taralrud provide sophisticated logistics solutions for global and regional manufacturers and wholesalers of hydrocarbon products; organisations who have some of the most demanding health and safety, environmental, and customer service standards in the world.
Compatible business models and the close cultural fit between Gran Taralrud and HOYER are key factors in this strategic acquisition, which extends Hoyer’s presence in Northern Europe and increases Petrolog’s European operations into eleven countries. Current operations are already centred in Scandinavia, as well as in Germany and the United Kingdom, and will now extend into the Baltic countries. The complimentary geographic coverage and customer portfolio of Gran Taralrud reinforces the compelling rationale for the transaction, which will see them take on the Hoyer brand.
In the course of the acquisition, the long-standing company owner Torunn Aass Taralrud will step down completely from the management and sell all of her shares. Per Ole Gran, who is retaining a minority stake in the company, will continue to lead the acquired business as managing director along with his existing management team.