Gasworld has today learned of a management buy-out at UK-based Taylor Minster Leasing Ltd (TML), an international lessor of cryogenic tanks.
TML owns and manages a fleet of around 4800 tank containers for the transport of various liquid and gas products, including liquid nitrogen, liquid oxygen, liquid argon, ethylene, carbon dioxide and LNG.
Today’s announcement sees Taylor Minster Leasing B.V., based in the Netherlands, complete the acquisition of the shares of both TML Tankcontainers Ltd in Marlow, UK and the management company Taylor Minster Leasing Ltd.
The deal has been completed through a management buy-out (MBO) by Fred Bras, an existing director and founder shareholder and now the new CEO.
In a statement sent to gasworld, Bras said that the MBO could not have been concluded without the help of both Richard Goldstein and Roy Jones, the other two founder shareholders who are now selling their shares.
All three founder shareholders were unanimous in their wish to keep TML ‘in the family’ and with this deal complete, this has successfully been achieved.
Of the outgoing shareholders, Jones has decided to retire after around 30 years with TML in its various guides.
“Roy’s calm guiding hand will be greatly missed,” the statement read.
Goldstein, however, has agreed to remain on the board of directors of TML and retain the same active role within the company that he currently enjoys. Bras is said to be ‘delighted’ with this decision, describing Goldstein as a ‘very valuable asset with a wealth of experience in many fields of the business’.
Only last December (2011), Goldstein spoke of the benefits of leasing cryogenic tank equipment rather than simply buying it. Presenting at the Middle East Industrial Gas Conference 2011 in Dubai, UAE, Goldstein dispelled some of the myths associated with acquiring cryogenic tanks and alluded to the economic and financial advantages of leasing cryogenic tanks.
He explained, “It’s well worth checking your company’s internal systems and fleet management are in shape, you’ll be surprised at how many companies waste money by having equipment laying around idle when it could be put to good use.”
“It’s important to keep flexible and open-minded. When it’s busy, additional equipment can be added, and when it’s quiet that equipment can be returned. Is it expensive? While accepting that the supplier will always keep the asset, costs can be cheaper than lending from the bank.”
Goldstein also emphasised the significance of leasing tank products during the difficult economic climate that the world currently finds itself in.
TML’s head office will transfer to that of Taylor Minster Leasing B.V. in Spijkenisse, the Netherlands in the coming months.