Basalt Infrastructure Partners has completed the acquisition of the 100 percent interest in offshore vessel owner North Star.
North Star said last Friday that the terms of the transaction between Basalt and Craig Group would not be disclosed.
North Star provides emergency response and rescue vessels (ERRV) and services to the offshore industry in the UK North Sea. The company currently owns and manages 31 vessels supported by a fleet of approximately 50 fast rescue crafts and 35 daughter crafts.
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, added: “We are very excited to be partnering with Basalt for the long term. “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.”
According to North Star, the Bank of Scotland has provided financing to Basalt for the acquisition, while Simmons & Company International, energy specialists of Piper Jaffray, acted as the exclusive financial advisor to Craig Group.