Advent International has made a key move to bolster its shipping presence with the acquisition of a majority stake in V.Group.
OMERS Private Equity (OPE) has decided to sell its V.Group stake after five years, but it plans to reinvest in the company.
V.Group's management team will retain a minority stake in the company.
The shipmanager said its growth strategy under the new ownership will remain focused on further geographical expansion and deepening its range of services organically and through complementary acquisitions.
Clive Richardson, chief executive of V.Group, said: “We have enjoyed great support and solid growth under OPE’s ownership, and our company has continued to strengthen its position in the market through our recent acquisitions of Bibby Ship Management and Selandia Holdings.
“V.Group has a unique offering in marine services, and as shipowners and operators increasingly consider strategic options for the management of their fleets, we are committed to delivering performance excellence alongside lower costs. We look forward to working with Advent to make this possible.”
Unknown price tag
V.Group manages more than 1,000 ships out of its 70 international offices worldwide.
Advent’s investment in V.Group comes a few months after the shipmanagement firm refuted reports that OPE was looking to sell out.
At the time, the Sunday Times reported that a deal could cost around £500m ($722m), while OPE bought V.Group in 2011 for £347m.
V.Group said the value of the transaction would not be disclosed.
James Brocklebank, a managing partner at Advent, said: “V.Group has a proven track record of delivering value for its customers alongside consistent growth, and we believe that Advent is well-placed to help the business build on this success.
“Advent’s global presence, sector specialisation and focus on business transformation make us an ideal partner for V.Group in the next phase, and we look forward to supporting its continued expansion and development.”
