3i Infrastructure to take full ownership of Esvagt in $355m deal

London-listed private equity fund 3i Infrastructure has agreed to acquire AMP Capital’s remaining 50% investment in Danish offshore shipping company Esvagt for £268m ($355m).

Esvagt has for a while been subject to a strategic sales process undertaken by its owners 3i and AMP, but without success, as offers were too low, 3i said.

“Binding offers for 100% of the equity were received but not at a compelling price for 3i Infrastructure, and so the company elected to offer to buy the AMP Capital stake.”

Completion is subject to certain third party consents and is expected to take place in the first quarter of 2022.

Since acquiring Esvagt in 2015, 3i and AMP have supported management in driving the company’s shift in strategic focus towards service operation vessels (SOVs) and offshore wind operations. During this time, Esvagt has delivered six new SOVs and entered into a joint venture with Crowley in the US.

Richard Laing, chair of 3i Infrastructure, commented: “Esvagt’s transition into a market leader in European offshore wind has been a major achievement. We believe that it is well-placed to benefit from continuing attractive growth prospects in the wind sector and we are delighted to be acquiring 100% of the business.”

Esvagt owns and operates a fleet of more than 40 vessels, nine of which are SOVs.