Danish company invests in North East to support growth of Safinah Ltd
North East coatings specialist Safinah Ltd has been acquired by Danish company TPO Holdings Danmark to support the company’s international growth strategy.
North East commercial law firm, Square One Law advised Safinah Ltd on the transaction, with financial advice being provided by Sterling Corporate Finance.
Recognised as a leading expert in coating consultancy for the marine, protective and yacht sectors, Safinah Ltd will benefit from the larger markets created by being part of TPO Holding Danmark, which is established in the offshore and shipping industries.
Gateshead-based Safinah Ltd, which was founded in 1998, provides a range of services such as coatings project management, coating specification and technology development. It works with a variety of clients ranging from paint companies, insurances firms and ship owners to shipbuilding and construction companies, manufacturers and oil and gas businesses.
The company’s existing management team, including founding shareholder and Managing Director Dr Raouf Kattan, and its 15-strong workforce will remain with the business and work closely with TPO Holdings Danmark to deliver upon its growth strategy.
Providing consultancy services, TPO Holdings Danmark has a client base, which includes vessel operators and owners of offshore assets.
Dr Raouf Kattan, Managing Director of Safinah Ltd, said: “Becoming part of TPO Holdings Danmark will secure the future of the business and create opportunities by accessing new and complementary markets. The business has enjoyed steady, positive growth for twenty years, based on the expertise and coatings industry knowledge of our talented workforce who will become valuable additions to TPO Holdings Danmark’s operations.”
He added: “The support myself and the board received from Square One Law during the process of the sale has been excellent and the professionalism they demonstrated was second to none.”
Peter Wilhelmsen Partner, from TPO Holdings Danmark, said: “We have been impressed with the market position Safinah Ltd has established in the coatings industry and we believe that its services will be of real value to our existing and future clients. The North East of England has a strong reputation for engineering and manufacturing, particularly in the marine industry and Safinah Ltd brings that expertise to our organisation.”
Marie-Louise Bozonet, Corporate Partner at Square One Law, said: “It was a pleasure to work with Raouf and his team. TPO Holdings Danmark and Safinah Ltd have a number of synergies and complement each other very well within the marketplace, and the sale will allow the business to continue to grow and expand as part of a larger, international group of companies.”