European infrastructure fund Marguerite II is to acquire a 65% stake in Jifmar Offshore Services from RAISE Investissement, which has been supporting the company since 2016.
Headquartered in Aix-en-Provence, Jifmar is a leading integrated marine and engineering solutions provider which operates a fleet of 45 vessels and 34 complimentary equipment (remotely operated underwater vehicles, sonar, pontoons).
It employs around 295 people.
Jifmar was created in 2005 initially to provide operational and safety support services to oil & gas companies.
Since then, it has developed into a provider of engineering solutions for marine and subsea projects in shallow waters, expanding into the renewable energy, power, telecom, aquaculture and civil engineering sectors.
As part of the transaction the co-founders of the company chief executive Jean-Michel Berud and chairman Foad Zahedi will remain in place and reinvest in the company alongside Marguerite.
The transaction is expected to be completed in Q2 2022.
Marguerite aims to support Jifmar in its transition to next-generation offshore service vessels operations to address the decarbonization challenges of the sector.
Marguerite said Jifmar is an innovative company at the forefront of the industry, as demonstrated by the Canopée project jointly developed with Zéphyr & Borée.
This entails the construction and operation of the first modern wind-propelled cargo ship specially designed to transport Ariane 6 launcher components from Europe to French Guyana.
Jifmar has also taken steps towards the decarbonisation of its fleet by implementing dual fuel or hybrid electric motoring solutions.
Marguerite managing partner Michael Dedieu said: “Marguerite is delighted to invest in a market leader in near shore marine infrastructure services with a sound business model.
“We look forward to working with Jifmar’s founders and management to provide funding and accelerate the development of the company especially in growth sectors like Marine Renewable Energy, Aquaculture and new projects.”
Berud added: “We are proud and excited about this collaboration with Marguerite, enabling Jifmar to secure its position as a leader in offshore marine services and maintaining its unique DNA within the industry.
“Marguerite will bring a strong network within the energy and telecommunication sectors as well as new investment capabilities.
“Together with the teams which made the success of Jifmar for the past 16 years, we will accelerate our journey towards the decarbonation of the marine industry.
“We worked with RAISE for 5 years during which Jifmar moved from a predominantly Oil & Gas player, to a truly global marine services provider, including renewable energies, fish farming, cables and global marine industrial services.
“This new step in Jifmar’s history will be highly beneficial for our existing and new clients”, added Jean-Michel Berud, CEO of Jifmar.”
Marguerite was advised by Invest Corporate Finance (M&A), Willkie Farr & Gallagher (legal), Skylark (technical and commercial), Ensphere (ESG), KPMG (financial and tax) and Howden (insurance and W&I).