The Total Group (TTG) has acquired a controlling interest in Bermuda Export Sea Transfer Ltd., which trades as BEST Shipping.

BEST president and chief executive officer David Sousa said both companies would benefit from the deal through the combination of BEST's shipping expertise with TTG's skills in marketing and accounting.

BEST shed two staff last week, Mr. Sousa said, but these were unconnected to the TTG amalgamation. The shipping company has a workforce of eight, including Mr. Sousa and partner Judy Hagen, who will both stay on as shareholders.

Mr. Sousa declined to reveal the size of TTG's majority stake or the financial terms of the deal.

"This is not going to change the anything in terms of the day-to-day running of the business, which will still be managed by myself and Judy Hagen," Mr. Sousa said.

"We did have to let two staff members go last week, but that was not based on the TTG acquisition. We had been doing a review of the business during the economic downturn and we decided we had to make some changes.

"Volume is down and everybody's feeling the pinch. But we do have a good core business of clientele needing to ship with us on a regular basis."

BEST's existing business relationships with New Jersey firm Seabridge International, as well as Key Air & Sea in the UK and AJ Maritime in Canada would be unaffected by the TTG deal, Mr. Sousa added.

Both BEST and TTG were formed in 1986. Their business relationship goes back more than two decades, with TTG having provided for accounting and management services for BEST.

TTG chief operating officer Richard Correia said his company would diversify its business through the merger and that BEST would benefit from TTG's management and marketing experience.

"It is our intention to continue to grow BEST and maintain its leading position in the Bermuda market and we will therefore certainly look to develop new and innovative ways to accomplish this goal and build on what David, Judy and others have already established," Mr. Correia said.

"Having been business associates for so long and having conducted business together, our discussion of late turned to how much more we could do for BEST's clients should we combine resources. The end result is that of TTG buying into BEST. We are thrilled it has now reached completion and my partners and I are certainly looking forward to the future."