Alternative direct lender Aurelius Finance Company has provided financing to support the buy-out of global emergency management and offshore decommissioning company Ardent from co-owners Svitzer and Crowley Holdings.
Svitzer is a global towage operator while Crowley Holdings is a holding company of international marine and logistics services provider Crowley Maritime Corporation.
Ardent said that the deal would see the company’s senior management team acquire a shareholding in the company.
The financial terms of the deal have been left undisclosed, and closing is subject to approval by the German anti-trust authorities.
Established in 2015 through the merger of Svitzer Salvage and Titan Salvage, Ardent was created to provide comprehensive emergency management solutions to the maritime industry focused on salvage and wreck removal.
The company later evolved and diversified its services to include offshore decommissioning of oil and gas platforms and facilities as well as subsea services.
Ardent’s CEO Peter Pietka will continue to lead the company with the same team, assets, and growth plan, as well as continue to cooperate with Svitzer and Crowley Maritime on unchanged terms.
Pietka said: “Over the past four years, Ardent has successfully evolved from a provider solely focused on emergency management to one that is also an established player in the fast-growing off-shore decommissioning market. I am very proud of what the team has achieved and am pleased to continue on this exciting and promising journey in close collaboration with our customers and partners.”
Knud Winkler, global CFO of Svitzer, added: “I believe that we have found the right partners for the next stage in Ardent’s development. To allow Ardent and Svitzer to continue growing within their respective business areas, we decided that this is the right time to restructure its ownership arrangements and we are very happy with the partnership between Ardent and Aurelius, which brings new significant firepower to the business. Svitzer looks forward to continue the close cooperation with Ardent.”
Dan Warner, SVP and treasurer of Crowley Maritime, stated: “The deal will enable Crowley to continue its successful focus on services that add superior value for government and commercial customers, including non-asset-based solutions that complement our transportation services on land and sea.”
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