Advent International to acquire majority stake in ship manager V.GroupCompany News // December 6, 2016
Advent International has agreed to acquire a majority ownership interest in V.Group Ltd, the marine and offshore vessel management and support services provider. The deal was concluded with OMERS Private Equity (OPE). OPE will reinvest in V.Group, working with Advent and the management team to support the continued growth and development of the business. V.Group’s management team will retain a minority stake in the company. The value of the transaction was not disclosed.
V.Group specialises in the technical management of maritime assets outsourced by shipowners, and the provision of a wide-range of high-value technical, personnel and advisory services. Operating out of 70 international offices, the company manages over 1,000 vessels on behalf of its customers across the commercial shipping, cruise, energy and defence sectors.
V.Group employs more than 3,000 people and supports over 47,400 personnel in marine and offshore roles.
Following Advent’s investment, V.Group’s growth strategy will remain focused on further geographical expansion and deepening its range of services organically and through complementary acquisitions. Advent will also support the management team in making significant investments in technology, systems and operations to continue to deliver world-class solutions for its clients.
Clive Richardson, CEO of V.Group, said: “We have enjoyed great support and solid growth under OPE’s ownership, and our company has continued to strengthen its position in the market through our recent acquisitions of Bibby Ship Management and Selandia Holdings. V.Group has a unique offering in marine services, and as ship owners and operators increasingly consider strategic options for the management of their fleets, we are committed to delivering performance excellence alongside lower costs. We look forward to working with Advent to make this possible.”
James Brocklebank, a Managing Partner at Advent International, said, “V.Group has a proven track record of delivering value for its customers alongside consistent growth, and we believe that Advent is well-placed to help the business build on this success. Advent’s global presence, sector specialisation and focus on business transformation make us an ideal partner for V.Group in the next phase, and we look forward to supporting its continued expansion and development.”
Haris Kyriakopoulos, a director at Advent International, added: “We are very excited to expand the business into new geographies and sectors, while broadening the scope of marine services that V.Group offers. In a market that is changing rapidly, V.Group as a market leader has an opportunity to deepen its engagement with current and prospective customers, responding to their evolving needs and offering comprehensive solutions to help manage their assets.”