V.Group will continue to target growth in Asia following its takeover by Advent International.

Following the fourth change of ownership in its 32 years of existence, the company is entering a new chapter after its previous owner OMERS Private Equity (OPE) sold out.

Clive Richardson, chief executive of V.Group, told TradeWinds: “We will expand our operational base in Asia, particularly India and China, organically and through further acquisition.

“We will continue to invest in Shipsure, our ship management software suite, in our technical resource and in our crewing recruitment and training centres.

“There is also a great opportunity to create a centre for the analysis of data across our growing fleet, as a tool for our customers to use in optimising operational performance.”

The focus on expanding its presence in Asia is inkeeping with its previous plan, as Richardson explained to TradeWinds after the takeover of Selandia last month.

“We would continue to look for good fits, be that an acquisition, a merger or venture with other operators in the region,” Richardson said at the time.

The price of the deal that will see Advent invest in V.Group with more than 1,000 ships under its management has not been disclosed.

And Richardson declined to give any guidance when contacted by TradeWinds.

Comfortable with private equity

V.Group has been traditionally owned by private equity firms and Richardson feels comfortable with that.

He said: “Nobody takes any capital out of the business. It stays in until an exit, meaning we can use it to improve everything we do.

“We also get to leverage off private equity’s operational skills base, so in a manner of speaking, we get free consulting as well.”

Richardson, who is an investor in V.Group himself, does not see any major changes in the company’s culture under the new ownership.

But in tough markets, V.Group could not stay unaffected.

Richardson added: “We’re not immune to the impact and we have to be on top of our game.

“If we continue to offer great service and assure the performance of our owner’s vessels we reduce the cost of trading and give our owners the best chance of finding profitable employment for their ships.

"As long as we do that, then the maritime services market is very resilient, trade will continue to flow and ships are the principle carriers.”