EnTrust Global has struck a deal to acquire Offshore Merchant Partners, the Norwegian alternative investment fund led by shipping veteran Ivar Myklebust.
The US financial firm, which is involved in the shipping space among a variety of sectors, carried out the acquisition of OMP through its maritime-focused Blue Ocean Funds. Financial details of the transaction, which is expected to be finalised in March, were not disclosed.
The deal will bring in a fund that has deployed some $700m in credit, lease finance and structured equity in the energy and maritime sectors.
Entrust took over Maas Capital in 2021 and closed out the first Blue Ocean Fund with $3bn raised.
“The pending OMP acquisition is another outcome of the Blue Ocean team’s ability to execute sizeable and complex transactions,” said Svein Engh, senior managing director at EnTrust and Blue Ocean portfolio manager.
“These acquisitions and strong organic growth have resulted in the deployment of around $4bn since the inception of EnTrust Global’s Blue Ocean strategy.”
Myklebust, who is chairman of Gram Car Carriers and was previously chief executive of rival Hoegh Autoliners, has been chief executive of OMP since February 2022, according to his LinkedIn profile.
He and other members of OMP will continue under the EnTrust banner.
Myklebust told TradeWinds that EnTrust had been seeking a bigger footprint in Europe, particularly on OMP’s home turf in northern Europe, and the two companies have complementary industry and segment backgrounds.
The Norwegian fund has been highly focused on structured deals. Its biggest client is Norway’s Knutsen Group, and it co-owns 10 LNG carriers with the company.
But Myklebust said OMP has had a relatively fixed capital base, while EnTrust has been successful in continually raising new capital.
“EnTrust has grown quite fast,” he said. “They need to spread out, probably, and we’re happy to help them achieve their goals when it comes to capital deployment.”
Omer Donnerstein, an EnTrust managing director and co-portfolio manager for Blue Ocean Funds, said the transaction brings the US company a skilled team and high-quality portfolio.
“This will enable the Blue Ocean team to expand its presence in the maritime and energy industry, while tapping into key talent in Oslo, Norway,” he said.
Co-founded by chief executive Gregg Hymowitz, EnTrust is an alternative asset fund manager with $17.2bn under management.
“The overall success and growth of Blue Ocean is a direct consequence of the clear focus on the maritime industry and the strong team and culture that has been cultivated within EnTrust Global over the past eight years,” Hymowitz said.
