The company is a TICS (“Testing, Inspection, Certification, and Services”) provider ensuring the safety and compliance of seagoing vessels across merchant, cruise, ferry, and offshore segments. Headquartered in Rotterdam, with local offices in Greece, Dubai, Panama, China, Singapore, and India, the company serves ~2,500 ships yearly in over 400 ports worldwide. Leveraging a carefully selected network of own and third-party certified technicians, the company enables its clients to meet the tightening global and regional (sustainability) regulations for critical vessel equipment inspections (such as elevators, instruments and controls and ballast water). The company's revenue, primarily from a blue-chip client base, is organically growing at over 15% annually, increasingly driven by highly recurring asset-management contracts.
In 2020, a private equity investor joined as a shareholder, to accelerate organic growth with the goal to become a leading global provider of vessel equipment TICS services. After two years of organic growth, the private equity shareholder recognised the opportunity for the company becoming a frontrunner in a global consolidation as the market is highly fragmented (local shops) and has limited global competition. They believe the company can act as a unique platform for executing a buy-and-build strategy, expanding service offerings, and geographic presence worldwide.
Since the acquisition in 2020, the company has experienced rapid growth, doubling its revenues organically and by expanding its TICS offering through acquisitions of 2 companies. The company has grown from approximately 35 FTEs mainly located in Rotterdam to a global workforce of approximately 100 FTEs, with an increasing share of on-payroll technicians in key hubs.
For this next growth phase we are seeking a CFO with ability to act as a sparring partner and support the CEO in executing a global buy-and-build strategy in the vessel equipment TICS sector. Furthermore, it’s the CFO’s responsibility to maintain and improve the organisation to provide critical financial and operational information to the CEO and COO to make actionable recommendations on day-to-day (commercial) operations and long-term strategy.
Given the fragmentation of the market, their aim is to acquire more than two companies per year, typically with an EBITDA ranging from €200k to €2m. Their targets are usually focused on a single shipping hub and led by the founder. These founders are experienced engineers who have gradually built their businesses, often neglecting overhead considerations, which ultimately hinders their growth potential. The company facilitates the integration of acquired companies into our existing operations, unlocking access to their client base and overhead capabilities. Additionally, they offer these local businesses a solution to meet the increasingly stringent compliance demands of clients.
Team
The current senior management team consists of a CEO, COO and (interim) CFO. The broader management team includes an CCO and HR director. The management team is a reflection of the diversity of the company (in total >20 nationalities, >50% women).
The management team is supported by an advisory board which consists of the founder of the company and the private equity shareholder. In a monthly meeting they discuss and monitor the progress on the strategic agenda.
The finance team consists of 7 FTE, of which 5 in financial control en accounting (based in Singapore and Rotterdam) and 2 business control & reporting employees.
Role and responsibilities
Experience and requirements