London-based investment firm Inspirit Capital has acquired crew transfer vessel (CTV) owner CWind from Global Marine Group for an undisclosed sum.
Established in 2010, CWind, which lists 12 owned and operated CTVs in its fleet, including the world’s first hybrid surface effect ship, CWind Pioneer, completes around 60,000 crew transfers per year to UK and European offshore wind farms. Global Marine Group acquired CWind in 2017.
Commenting on Inspirit Capital’s takeover, Joe Browse, managing director at CWind, said: “CWind is embarking on an exciting journey with Inspirit Capital as our new owner. Our unwavering commitment to the offshore wind industry remains stronger than ever. This acquisition will enable us to enhance our offering, further explore innovative solutions for our clients, and continue supporting the growth of clean, sustainable energy generation.”
In July this year, Taipei-based International Ocean Group (IOG) also took full ownership of CWind Taiwan, its joint venture established in 2018.
Inspirit Capital specialises in acquiring businesses that are no longer core to their parent company’s strategic objectives and require a different ownership structure. In October 2020, the company bought the energy business unit of Lloyd’s Register (LR).
Paul Youens, investment manager at Inspirit Capital, added: “We are delighted to be investing in CWind, a clear market leader in the offshore wind market, which further demonstrates Inspirit’s capacity to deliver corporate carve-outs. The business has a rich heritage and strong relationships with key operators in the sector. We are excited to back management’s vision to nurture and expand existing customer relationships, as well as deliver on the ambitious sustainability plans for the business.”
