UK’s private equity firm STAR Capital Partnership LLP (STAR) has become the new majority shareholder of Subsea Technology & Rentals (STR), as the global subsea sensor equipment and solutions provider sets out an ambitious growth strategy, targeting offshore energy, infrastructure and marine science markets.
The investment will enable STR to further evolve its equipment and service offering through organic and acquisition-led growth.
It will also expand the company’s geographical presence to clients across growing global offshore energy and infrastructure markets, with a new base in Norway set to open early next year.
Steve Steele will continue to lead STR as CEO alongside chief financial officer, Stuart Bannerman.
Uniti Bhalla, managing partner and Philipp Moy, principal of STAR will join the STR board.
Baird Capital, an investor of STR since January 2022, has now exited the business following STAR Capital’s investment, according to STR.
Steve Steele, chief executive officer, said: “Securing STAR as our new majority investor will unlock significant growth potential as we plan to enter new markets and further boost our disruptive technology offering.
“This deal signals confidence in the long-term role we will play in offshore energy transformation. The investment enables us to further enhance our product and service offering, extend our geographic footprint and pursue complementary acquisitions.”
STR operates globally with technology and service facilities in Aberdeen, Great Yarmouth, Houston, Perth and Singapore.
It is also planning to have a presence in Norway early in 2025, with further expansion on the horizon.
The company has nearly doubled headcount in the last three years, with 110 people globally and expects to add a further 20 people in the coming year, with further growth to be delivered through strategic acquisitions.
