Partners Group has agreed to buy North Star, an operator of specialised vessels that offers emergency response and offshore wind maintenance services.
The global private markets firm, on behalf of its clients, is investing an undisclosed amount to buy the European provider of offshore infrastructure support services from Basalt Infrastructure Partners.
North Star owns a fleet of 48 emergency response and rescue vessels and service operation vessels.
Partners Group said it aims to transform North Star into a “leading next-generation offshore wind infrastructure services company”, which reflects the firm’s focus on investing with sustainability factors in mind.
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, North Star’s CEO, said: “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.”
Nicholas Pepper, a member of management, private infrastructure, Partners Group, said: “The provision of mission-critical offshore infrastructure services is a subsector within renewables that we have been tracking through our thematic sourcing approach.
”Demand for service operation vessels is being driven by the construction of larger wind farms further from shore, which makes daily maintenance trips inefficient.
“North Star’s home market of the UK, the largest offshore wind market globally, is expected to account for a large proportion of future offshore wind capacity, providing the company with a good springboard for growth internationally.”
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