London-based Star Capital has become the fourth private equity player to take ownership of V.Group in the past 17 years.
Star Capital, which describes itself as a private equity firm “focused on building and developing businesses around strategic assets in Western Europe”, has teamed up with diversified Antwerp-based investor Ackermans & van Haaren to buy V.Group from Advent International in a deal that has been endorsed by V.Group’s current management.
The transaction was unveiled by both Star Capital and V.Group in separate announcements on Monday.
Its completion is expected in the early autumn after regulatory approvals. Financial terms have not been disclosed.
“V.Group is an excellent fit for Star’s investment strategy,” said partner Aditya Bindal.
“We have been impressed by the team, their track record and vision for the company, and look forward to supporting them as they continue to deliver value for the company’s customers consistently and over time,” he added.
Star Capital has invested in other maritime firms before, including German engineering group Blohm+Voss and boxship player MPC Container Ships.
Ackermans & van Haaren has investments in marine engineering and contracting, including majority stakes in offshore energy, dredging, marine infrastructure, construction and environmental works players Deme Group, CFE and Otary.
Star Capital managing partner Paul Gough highlighted the fact that V.Group’s current management team is on board with the deal.
“We are delighted to be partnering with a great management team, providing them with the capital and balance sheet to drive forward the progress made to date,” he said.
V.Group’s leadership also endorsed the takeover.
“I am truly excited to welcome such well-respected, long-term investors with deep shipping sector experience to assume the ownership of V,” said V.Group chief executive Rene Kofod-Olsen.
“I have no doubt that this transaction will further strengthen V., allowing us to accelerate investments across our shipping and services platform to the benefit of our customers, employees and the industry,” he added.
V.Group offers a diverse range of management services to about 3,500 vessels.
The company has been repeatedly an acquisition target by private equity groups.
In 2007, it was acquired by Exponent, which four years later sold V.Group on to Omers Private Equity for an enterprise value of $520m.
Omers sold a majority stake in the firm to Advent International in 2016.
