finance

Aberdeen's North Star to be acquired by Swiss private markets firm



Swiss private markets firm Partners Group is set to acquire offshore maintenance and emergency vessel company North Star from Basalt Infrastructure Partners.

Headquartered in Aberdeen, North Star has a fleet of 48 Emergency Response and Rescue Vessels (ERRVs) and Service Operation Vessels (SOVs) and around 1,400 employees.

Its ERRV fleet is the largest in Europe and provides crew rescue, firefighting and other emergency response services to offshore energy operations in the North Sea. The company is also the leading UK provider of SOVs used to transport technicians to offshore windfarms and accommodate them for extended periods of time.

Partners Group aims to transform North Star into a leading pan-European offshore wind infrastructure services company, working with management on a “transformational value creation plan” to expand the company’s platform through growing its offshore wind fleet.

David Daum, managing director for private infrastructure at Partners Group, stated: “North Star represents an excellent opportunity to acquire a leading energy infrastructure services business that is well-positioned to capitalise on the transformative trends driving growth in the offshore wind industry.

“We have extensive experience in the offshore wind sector and North Star is a great fit for our platform-expansion strategy.”

North Star’s chief executive Matthew Gordon said: “Servicing the offshore wind industry represents a huge growth opportunity for us as the decarbonisation of economies gathers pace.

“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.”

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