UK-based logistics and maritime service provider signs non-binding agreement with Vertom to form VertomCory joint venture – to create ‘a port agency business with stronger reach and breadth than either business alone’.
UK-based freight forwarding, logistics and maritime service provider Cory Brothers Shipping Agency has signed a non-binding agreement with Vertom Agencies Group to form a joint venture – ‘VertomCory’ – with the aim to create “a port agency business with stronger reach and breadth than either business alone”.
The development comes after nearly a decade of successful cooperation between the two companies, with the two businesses already working together with smaller scale joint ventures in the Amsterdam-Rotterdam region and in Gibraltar.
Although the two organisations have held informal discussions for some time about further alignment of their businesses, the new move follows a decision by Braemar, owner of Cory Brothers, “to rationalise Braemar’s business towards the development of a new strategy centred on shipbroking”.
Braemar said the plan to form a JV with Vertom, which is expected to formally complete in the coming months, is one of several steps made in the rationalisation of Braemar’s business, which comprises four operating divisions: Shipbroking, Financial, Engineering and Logistics.
Braemar said it is intended that Cory Brothers and Vertom “will work more closely together in the coming year with certain profit‐sharing arrangements to be put in place, with a view to exploring a full corporate joint venture in the future”, adding: “The Board believes that by working together Cory and Vertom will have the prospect of growing faster as a larger combined business than either could whilst operating alone.”
The two businesses will continue to operate under their existing brands, but their capabilities will be combined.
Lloyd’s Loading List understands that no decision has been made in terms of whether Braemar would then retain its share of the ownership of the new VertomCory business.
The companies said that the intention is “for both parties to be strategic partners and shareholders committed to the partnership”, adding: “Both Vertom Group and Cory have built strong brands, with professional and personal dedication to their customers and are industry-leading in their own territories. Sharing complementary cultures and values, this alignment will create a broader platform with USA, Singapore and pan European coverage, allowing stronger organic and acquisitional growth.”
They added: “Fundamental to its success is both companies’ commitment to delivering excellent customer service, digital technology, structured compliance, and a healthy and safe working environment”, with the expectation that these elements would be strengthened by combining the two companies’ resources and capabilities.
“Having enjoyed years of successful partnership, this formal alignment of two successful and likeminded brands is another benefit to all customers and stakeholders,” they noted. “The combined services, skills and forward thinking will provide the platform for further growth and development at all locations.”
Cory Brothers Group MD Peter Wilson commented: “This is a substantial development for Cory Brothers: a natural alignment of two like-minded, well suited and forward-thinking companies. VertomCory will offer top-class services to our customers in all segments of today’s shipping industry”.
Vertom Agencies Group MD, Maurice Lelieveld, commented: “We have built our business on excellent service, reliability and strong, lasting partnerships. I’m looking forward to expanding our business together with Cory Brothers.”
Cory Brothers was established in 1842, giving it “unrivalled longevity in its multi-service provision as a successful international maritime services leader”. Its logistics business includes air freight, sea freight, road freight forwarding and express courier services, alongside customs clearance, warehousing, marine logistics, project and breakbulk, European overland and intermodal services. Its agency services include liner agency services and port agency services.
Vertom was established in 1974 in Rotterdam and has seen constant growth ever since. In the 1980s, the company expanded into Belgium and started a liner service to the Caribbean. In the 1990s, Vertom opened offices in the UK and in the 2020s merged with Unity Beheer (UCS), remaining an independent company with family heritage.
The executive team for the new organisation will consist of: Peter Wilson, who becomes Executive Director of VertomCory Holding and Group Managing Director of Cory Brothers Shipping Agency; Maurice Lelieveld, Executive Director of VertomCory Holding and Group Managing Director for Vertom Agencies; Graham Wastell, Executive Director VertomCory Holding and Managing Director Silver Star Agencies; David Noble, Executive Director VertomCory Holding and Finance Director Cory Brothers Shipping Agency.
Source: Lloyd’s
