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Estonian tug boat firm sells for 30m euros

Dec 13, 2013
From wire reports, TALLINN

Finnish tugboat company Alfons Håkans bought on Wednesday, Dec.11 Estonia's biggest tugboat company PKL, Äripäev Online reports.

So far PKL, which has an over 70% market share in Estonia, belonged to investment fund Amber Trust and PKL's long-term managers Rein Tõntson and Grigori Oništšenko. Äripäev estimates that the value of PKL is nearly 30 million euros. 

Amber Trust representative and PKL council member Indrek Kasela confirmed that the transaction took place.

Kauppalehti wrote that Alfons Håkans will thanks to the transaction become the biggest towboat company in Finland and the Baltic states. Alfons Håkans has in Finland, Estonia and Latvia over 40 port towboats. PKL has 14 towboats in Tallinn, Muuga, Sillamäe, Paldiski, Riga and Ventspils ports.

PKL ales revenue was last year 7.1 million euros (in 2011, 8.6 million euros) and the company earned a profit of 0.6 million euros (in 2011, 0.8 million euros).

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