Wrist buys OneSource North America
Denmark-based Wrist Group has acquired OneSource North America, a ship supply group consisting of World Ship Supply, West Coast Ship Supply, East Coast Ship Supply and Karlo Corp., for an undisclosed amount.
OneSource, which has turnover of $120 million and 259 employees, is one of the largest ship chandlery services providers in North America.
The acquisition provides Wrist Ship Supply with a presence in Vancouver, B.C.; Seattle; Portland, Ore.; San Francisco, Los Angeles and Long Beach, Calif.; Houston and Corpus Christi, Texas; New Orleans; Mobile, Ala.; Jacksonville, Fla.; New York; Halifax and Montreal.
'The combination of One Source's local knowledge and understanding with Wrist Ship Supply's global network, purchasing power, and outsourcing capabilities is a compelling offering,' said Jim Pedersen, chief executive of Wrist Group, in a statement. 'Our focus is on business as usual, and maximizing the strengths and expertise of both organizations.'
Jubi Hillery, president of World Ship Supply, will oversee the combined entity in North America, which will be headquartered in Houston, and David Cocklin, president and chief executive officer of Karlo, and Charlie Michelson, president of West Coast Ship Supply, will also remain in senior management positions in the new entity, Wrist said.
The OneSource deal marks Wrist Ship Supply's fifth acquisition in the past 12 months. In December 2008, the company completed the merger with Kooyman Dordrecht in the Netherlands. In March 2009, the company bought E.A.F.M. Sarl in France, and Huqui-7 in Spain and Torkellsen of Norway in May 2009.