Nature Group establishes operations along the Texas Gulf Coast
Nature Group, (AIM:NGR), the provider of port reception facilities and waste treatment solutions for the oil, marine and process industries announces that, on April 1 2014, its subsidiary, Nature Port Reception Facilities (NPRF) Holdings Ltd., has invested a total of US$1,700,000 to acquire the assets of Global Environmental & Marine Services, Inc ("GEMS"), a maritime waste management company located in Texas, USA(the "Acquisition").
The Acquisition establishes Nature Group in the rapidly evolving oil, gas and maritime market in Texas where the significant new investments in offshore oil production mean there is a requirement for experienced environmental waste services in the area. The Company expects the forthcoming implementation of strict regulations concerning the discharge of waste in the Gulf of Mexico to be a driver for its growth in the region.
GEMS has been actively operating for over 10 years out of the key locations of the ports of Houston and Corpus Christi, servicing the entire Texas Gulf Coast as a fully licensed waste management company collecting from seagoing vessels, shipyards and terminals.
Nature Group and GEMS currently serve different sets of maritime clients and the Company expects that, as part of the Nature Group, GEMS will also be able to service Nature Group's existing European customers operating in the region. Furthermore, the Company believes that the technical knowledge within Nature Group will enable GEMS to invest in processing and disposal facilities, improve margins and significantly increase its potential customer base. In 2013, GEMS generated a net loss after tax (unaudited) of US$3,194.
The acquired assets will be held within a new company, Nature Environmental & Marine Services, LLC ("NEMS"), which will be 65% owned by Nature Group and 35% owned by the current owner of GEMS.
Andreas Drenthen, the CEO of Nature, comments:
"Starting operations in the USA enables Nature Group to service our customers in one of the most important petrochemical and shipping hubs in the world. With the growth of the oil industry and maritime traffic in this area, Nature Group sees the Texan Gulf Coast, both now and in the coming years, as the region to invest in. With the acquisition of GEMS we have a well-established and experienced team on board that can form the basis for the development of a profitable operation, with genuine growth opportunities."