(29/1/2014) US-based Worthington Cylinders, the Pressure Cylinders segment of Worthington Industries, Inc. acquired a 75% stake in Turkey based Aritas A.S, one of Europe’s leading LNG (liquefied natural gas) and cryogenic technology companies.Ventura Partners acted as exclusive financial advisor to Worthington Cylinders on the transaction.
Aritas Basincli Kaplar Sanayi A.S. offers a broad portfolio of LNG products, cryogenic vessels, systems and services. Located in Turkey, Aritas employs nearly 300 people and generated total revenues of approximately $40 million in 2013. The company operates a 270,000 square foot manufacturing facility in Istanbul and is committed to build a new state-of-the-art facility which will ultimately provide three times capacity increase with the opportunity for future expansion in targeted markets.
Worthington Industries Inc. is a leading diversified metals manufacturing company with total revenues of $2.6 billion in 2013. The company employs approximately 10,000 people and operates 83 facilities in 12 countries. Aritas’s LNG and cryogenics capabilities are expected help Worthington to grow its LNG and cryogenics businesses quickly and globally.
Ventura Partners, based in Istanbu-Turkey, is one of the leading M&A advisory boutiques providing corporate finance services in a broad range of sectors.