Wrist, a leading global supplier of provisions, stores, and spare parts logistics for the ship and offshore industries, has announced its acquisition by J.F. Lehman & Company (JFLCO), a private equity firm based in the US. This strategic move transitions ownership from Altor Fund II and signifies a new chapter for Wrist as it looks to expand its operations, enhance digitalization, and strengthen its presence in the maritime supply sector.
During its time under Altor’s ownership, Wrist has significantly grown, completing 19 acquisitions and solidifying its customer-oriented service offerings. Notably, the company has expanded into new markets, including Busan, South Korea, and four major Brazilian ports expected to come online by 2024. Over the last 17 years, Wrist’s growth trajectory has been remarkable, making it five times larger than it was originally and establishing it as a leader in the highly fragmented maritime supply market.
In addition to growth through acquisitions, Wrist has been a pioneer in digitalizing the marine supply chain. The company has invested in innovative technologies that enhance transparency, efficiency, and procurement processes, greatly benefitting some of the largest shipping companies worldwide. These developments further solidify Wrist’s role as a leader in the industry.
Wrist’s CEO, Jens Holger Nielsen, expressed his excitement about collaborating with JFLCO, citing their proven track record in the maritime sector as a perfect fit for Wrist’s future growth plans. Will Hanenberg, Managing Director at JFLCO, echoed this sentiment, emphasizing Wrist’s strong market position and innovative logistics capabilities. Altor’s Partner, Soren Johansen, acknowledged the exceptional progress Wrist has made during their partnership, noting the company’s focus on innovation and customer service.