Dealmaker of the Year: Axel Eitzen

Since the day Camillo Eitzen (CECO) went public in Oslo in 2004 after its split from Tschudi & Eitzen, Axel Eitzen’s aspirations to be a consolidator were on the table. Raising just $40 million in its IPO, his multi-sector operator quickly began to use its shares as currency in the acquisitions of Naviera Quimica and a holding in Sigloo Gas. Not afraid to start small, Axel Eitzen has grown the company steadily over the past few years with a host of acquisitions as can be seen in Figure 1.

The company also did not strictly limit itself by sector, having listed with a bulk fleet Mr. Eitzen went on to acquire anything from gas and chemical tankers to an insurance broker. By 2006 he had built up a formidable operation and could afford to think bigger. In January he moved to acquire the remaining 50% of the Sigloo Gas KS for $100 million. Then he began to hone in on the chemical tanker segment, an important growth area in advance of the revisions to MARPOL Annex II and the IBC Code that would come into effect on January 1, 2007.

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