US asset management firm EnTrust Global has sealed a deal to acquire Norwegian alternative investment fund Offshore Merchant Partners for an undisclosed sum.
Offshore Merchant Partners (OMP) was established in 2013. The company, headed up by Ivar Myklebust, has provided about $700m in capital to the shipping and energy services sectors.
The Gregg Hymowitz-led company, which has about $17bn of various assets under management, said it expects to add the Oslo-based financer to its Blue Ocean Funds during the first quarter of this year.
“This will enable the Blue Ocean team to expand its presence in the maritime and energy industry while tapping into key talent in Oslo, Norway,” said Omer Donnerstein, managing director and co-portfolio manager of the Blue Ocean Funds.
The deal follows a period of strong growth for the Blue Ocean strategy, which closed out its first funds with around $3bn raised and has already added more than $1bn in the initial phase for its second offering. The team consists of 17 investment professionals, which will soon be further bolstered by the OMP acquisition.
“The overall success and growth of Blue Ocean is a direct consequence of the clear focus on the maritime industry and the strong team and culture that has been cultivated within EnTrust Global over the past eight years,” added EnTrust chairman and chief executive Hymowitz.
