Founders were the ships owner Everhardus Frater Smid of Groningen and engineer Jacob Frater Smid of Delfzijl, Netherlands. The company was founded for a period of 28 years ending on 31 December 1938 with the intention of buying and exploitation of steam tugs although not to have more as one tug at the same time. Six months before 31 December 1938 was to be decided if the company was to be continued. The working capital was ƒ 6.000 in shares each of ƒ 1.000, which capital was completely available. Everhardus had 5 shares, Jacob the remaining one. Everhardus paid for his shares with the screw steam tug Actief II.
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