A partial management buy-out at salvage giant Ardent sees top management take a significant shareholding from co-owners Svitzer and Crowley.
Ardent was created four years ago and is one of the largest salvage and offshore decommissioning companies in the world.
The financial terms of the deal, which was assisted by alternative direct lender Aurelius Finance Company, have not been disclosed and closing is subject to approval by the German anti-trust authorities.
Ardent’s CEO, Peter Pietka, will continue to lead the company with the same team, assets and growth plan.
