North Star Shipping sold to equity investment fundCompany News // November 7, 2017
Craig Group in the UK has sold its shipping arm, North Star Shipping, to Basalt Infrastructure Partners II LP.
North Star is a well known provider of emergency response and rescue services to the offshore industry in the North Sea.
The company currently owns and manages 31 vessels supported by a fleet of approximately 50 fast rescue craft and 35 daughter craft. It is one of the youngest British fleets in the market.
Steven Lowry, a partner at Basalt Infrastructure Partners LLP and advisor to Basalt, said “We are excited by the opportunity to acquire North Star through a bilateral acquisition process. North Star is a highly attractive investment opportunity in a UK regulated sector. The transaction provides a proven management team that has built a stable business, with strong growth potential and providing sector diversification for Basalt.”
North Star managing director Callum Bruce said “We are very excited to be partnering with Basalt for the long term. Their investment coupled with our market-leading position and sector knowledge provides a strong platform for future, sustainable growth and diversification of the company.
“The senior management team, staff and crew at North Star will remain with the business and this transaction will not impact on our day-to-day operations. We remain committed to delivering the highest standards of safety and service to our clients and provide industry leading vessels and support.”