A market-leading ship management company and marine support service provider is changing hands. V.Group with a turnover of more than $650m and an operating cash flow (Ebitda) of more than $90m in 2022, embarks on a new chapter as consortium led by STAR Capital assumes ownership.
A consortium led by European investment fund manager STAR Capital including Ackermans & van Haaren (AvH) and others has signed an agreement to buy V.Group from Advent International.
“V.Group is active in a global and fragmented market and is well-positioned to benefit from the global and structural trend of increased outsourcing of technical services and crew management within the shipping industry, driven amongst others by increased regulatory and technical complexity,” stated in a release AvH.
The transaction is subject to regulatory consents and is expected to complete in early autumn 2024.
Upon closing, which is expected to take place in the second half of 2024, AvH will hold 33.3% of V.Group for an equity investment of c. 150 million USD (excluding acquisition debt financing).
Piet Dejonghe, co-CEO of AvH, pointed out: “The investment fits well with our criteria to invest in global market leaders with long-term growth potential, operating in markets with clear entry barriers (driven by the importance of scale and global reach) and led by strong management teams.”
René Kofod-Olsen, CEO of V. said: “I am truly excited to welcome such well-respected, long-term investors with deep shipping sector experience to assume the ownership of V. 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.”
Aditya Bindal, partner of STAR noted: “V. is an excellent fit for STAR’s investment strategy with its strong brand and leading position in a highly fragmented market, making it a natural leader in providing technical management and marine services to fleet owners and operators, including those turning to outsourced services for the first time.”
