Australia’s Macquarie Asset Management has made a move into offshore wind with a takeover deal for Danish shipowner Ziton.
The companies said in a statement that the deal is being done through the Macquarie European Infrastructure Fund 7.
Macquarie will acquire 100% of Ziton from the massive London fund Permira and other shareholders.
No financial details have been revealed.
Ziton controls five wind turbine maintenance vessels and describes itself as the leading provider of jack-up tonnage to the wind sector.
Completion of the transaction is expected by December or in the first quarter of next year.
The first lien bond, listed on Oslo Bors, the senior secured ESG-linked loan and a senior working capital facility are expected to be retained in the existing capital structure.
The second lien bond will be purchased by Macquarie.
Ziton’s Ebitda amounted to €19.6m ($21.9m) in the second quarter, up from €11.1m the year before.
The improvement was due to an increase in revenue as one vessel was chartered to Siemens Gamesa at the end of February.
Sales process launched last month
Ziton said in August that it had engaged Nomura Greentech to act as financial adviser in reviewing strategic alternatives focused on maximising shareholder value.
The idea was to explore a sale, merger or partnership, while continuing to develop other growth opportunities.
Ziton has been contacted for further information.
Last month, Macquarie Asset Management-backed Corio Generation teamed up with Brazilian shipyard and marine construction company Estaleiros do Brasil (EBR) to target Brazil’s offshore wind market.
The two companies signed a memorandum of understanding to explore how EBR’s facilities could support future wind projects off Brazil’s southern coast.
Macquarie also finances companies such as Lomar Shipping.
Long-term future secured
In 2022, Ziton struck a deal to secure its long-term financial future after defaulting on bonds earlier that year as part of a takeover by Permira.
Lenders and largest shareholder BWB Partners, which owned 57%, agreed a transaction that pushed out bond maturity by two years, boosting equity by €37m and liquidity by €13.2m.
This was achieved by the conversion of some debt into shares.
In March 2022, the company halted its monthly transfer to a retention account for a first-lien bond to preserve cash for daily operations.
In April, it failed to pay €1.94m in quarterly interest and €2.5m in a semi-annual instalment on the same €125m bond.
Ziton had said it was “not in a position to make the cash payments”, instead using payment-in-kind bonds as settlement.
The operator had called in US investment bank Evercore in 2021 to explore options, including a sale or merger to aid growth, but progress was slowed by Ziton’s high debt leverage and negative equity.
