Swiss-based private equity firm Partners Group has agreed, on behalf of its clients, to acquire Aberdeen-based OSV owner and operator North Star for an undisclosed sum.
Partners Group said it aims to transform North Star into a leading pan-European offshore wind services player and work with management on a transformational value creation plan that will expand the company’s platform through growing its offshore wind fleet and broadening its offshore wind offering.
North Star has a fleet of 48 emergency response and rescue vessels (ERRVs) and service operation vessels (SOVs) and around 1,400 employees servicing offshore energy operations in the North Sea. The company has four SOVs on order at Fincantieri-controlled Norwegian shipbuilder Vard which will be delivered between 2023 and 2024 to the Dogger Bank offshore wind farm on long term contracts of 10 years firm plus options. Dogger Bank is currently under construction by joint venture partners SSE Renewables, Equinor and Eni and when completed will be the world’s largest offshore wind farm.
David Daum, managing director, private infrastructure, Partners Group, said: “North Star represents an excellent opportunity to acquire a leading energy infrastructure services business that is well-positioned to capitalise on the transformative trends driving growth in the offshore wind industry. The company provides mission critical services and benefits from steady demand due to high barriers to entry and few direct competitors. We have extensive experience in the offshore wind sector and North Star is a great fit for our platform-expansion strategy.”
Matthew Gordon, CEO of North Star, added: “We have over 50 years of operating experience and maintain a market leading position for both ERRVs and SOVs. Looking ahead, servicing the offshore wind industry represents a huge growth opportunity for us as the decarbonisation of economies gathers pace. Partners Group’s operational expertise in that industry will be very valuable as we expand into new offshore wind markets in Europe, which are experiencing similar tailwinds to those in the UK.”