Basalt Infrastructure Partners II LP (“Basalt”) announces it has closed the acquisition of the 100% interest in North Star (the “Company”). The terms of the transaction are not being disclosed.
North Star provides essential emergency response and rescue services to the offshore industry in the UK North Sea. The emergency response and rescue vessel (ERRV) business is a highly regulated sector in the UK which demands a 24/7, 365 day service provided to oil and gas companies operating with personnel on offshore platforms. North Star currently owns and manages 31 vessels supported by a fleet of approximately 50 fast rescue crafts and 35 daughter crafts. North Star has one of the youngest British fleets in the market.
Steven Lowry, Partner of Basalt Infrastructure Partners LLP, advisor to Basalt, said, “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”.
Callum Bruce, Managing Director of North Star said, “We are very excited to be partnering with Basalt for the long term. Their investment coupled with our market-leading position and sector knowledge provides a strong platform for future, sustainable growth and diversification of the Company.
“The senior management team, staff and crew at North Star will remain with the business and this transaction will not impact on our day to day operations. We remain committed to delivering the highest standards of safety and service to our clients and provide industry-leading vessels and support.”
Bank of Scotland provided financing to Basalt as part of the acquisition, and is pleased to continue the strong banking relationship with the Company and supporting its future growth strategy in the sector.
Simmons & Company International, Energy Specialists of Piper Jaffray, acted as the exclusive financial advisor to Craig Group.
For media inquiries
Basalt, Steven Lowry +44 (0) 20 7766 3340 press@basaltinfra.com
About Basalt
Basalt is an infrastructure equity investment fund focusing on investments in utilities, energy and transport infrastructure in Europe and North America. The acquisition of North Star is the third transaction entered into by Basalt following the acquisition of Detroit Renewable Energy LLC in July 2017 and the establishment of the Mareccio Energia platform in August 2017.
For more information on Basalt please visit www.basaltinfra.com
About North Star Shipping
North Star Shipping provides 24/7 support for clients in one of the world’s busiest and most hostile marine environments. The Company has a 40 year track-record in delivering safety, service and quality across four key areas: offshore support, tanker assist and emergency response and rescue.
North Star owns and operates the largest and most modern British wholly-owned fleet engaged in the UK offshore industry. Oil and gas E&P companies rely on its advanced vessels and unrivalled experience of highly trained people to provide support to over 50 offshore installations. Over the years, North Star has saved more than 70 lives in the North Sea.
North Star retains on contract over 850 seagoing staff and is committed to supporting British Shipping by training in excess of 60 Deck and Engineering Cadets each year through its cadet programme.