North Star Bolt on Acquisition
A fund managed by Basalt Infrastructure Partners II GP Limited (“Basalt”) announced it has today completed a follow on investment into North Star Holdco Limited (“North Star”) for the acquisition of Boston Putford Offshore Safety Ltd (“BPOS”).
BPOS is an emergency response and rescue vessel (“ERRV”) business operating in the North Sea. Similar to North Star, BPOS provides essential emergency response and rescue services to the offshore industry. The ERRV business operates in a sector which demands a 24/7, 365 day service provided to oil and gas companies operating with personnel on offshore platforms. BPOS currently owns and manages 18 vessels.
Steven Lowry, Partner of Basalt Infrastructure Partners LLP, advisor to Basalt, said, “We are excited by the opportunity to acquire BPOS through a bilateral acquisition process. BPOS is a highly attractive investment opportunity as it brings a variety of benefits to the North Star fleet including geographical diversification and fleet optimisation synergies”.