Partners Group has agreed to acquire vessel operator North Star from Basalt Infrastructure Partners with the aim of turning it into a next generation offshore wind infrastructure services company.
Aberdeen-headquartered North Star, which employs around 1,400 people, holds a 48-strong fleet of Emergency Response and Rescue Vessels (ERRVs) and Service Operation Vessels (SOVs).
The SOVs are deployed to transport technicians to offshore wind farms and accommodate them during maintenance work.
The ERRVs are meanwhile deployed for crew rescue, firefighting and other emergency response services across offshore energy operations in the North Sea.
Partners Group said that North Star will benefit from rising demand for SOVs amid offshore wind industry growth.
The investor added that the business has predictable cashflows, driven by mandatory usage of ERRVs and long-term offshore wind contracts.
David Daum, Managing Director, Private Infrastructure, Partners Group, said: “North Star represents an excellent opportunity to acquire a leading energy infrastructure services business that is well-positioned to capitalize on the transformative trends driving growth in the offshore wind industry.
“The Company provides mission-critical services and benefits from steady demand due to high barriers to entry and few direct competitors. We have extensive experience in the offshore wind sector and North Star is a great fit for our platform-expansion strategy.”
Matthew Gordon, Chief Executive Officer, North Star, added: “Partners Group’s operational expertise in that industry will be very valuable as we expand into new offshore wind markets in Europe, which are experiencing similar tailwinds to those in the UK.”