Aberdeen-based Craig Group has sold its North Star Shipping business to infrastructure equity investment fund Basalt Infrastructure Partners.
North Star Shipping, which operates a fleet of 31 vessels engaged in the UK offshore industry, will keep its existing senior management team, staff and crew under the new owners.
Steven Lowry, partner of Basalt Infrastructure Partners, commented: “We are excited by the opportunity to acquire North Star through a bilateral acquisition process. North Star is a highly attractive investment opportunity in a UK regulated sector. The transaction provides a proven management team that has built a stable business, with strong growth potential and providing sector diversification for Basalt”.
Craig said the opportunity arose to secure the long-term future of North Star under an owner who could bring more opportunity for further investment and growth, with the deal making sense for all parties.
Douglas Craig, chairman and managing director of Craig Group, said: “I’m confident that the Craig Group is entering a new era which will present the next generation with some new and exciting opportunities.”
Craig Group will continue to own and manage global oilfield procurement business Craig International.