Basalt Infrastructure Sells North Star to Partners Group
Posted on 01/13/2022
Partners Group AG has agreed, on behalf of its clients, to acquire North Star, an operator of specialized vessels that offers emergency response and rescue and essential offshore wind maintenance services, from Basalt Infrastructure Partners.
Headquartered in Aberdeen, Scotland, North Star is an established infrastructure company with a fleet of 48 Emergency Response and Rescue Vessels (ERRVs) and Service Operation Vessels (SOVs) and around 1,400 employees. North Star’s ERRV fleet is the largest in Europe and provides essential crew rescue, firefighting, and other emergency response services to offshore energy operations in the North Sea. The Company is also a major U.K. provider of SOVs which are used to transport technicians to offshore windfarms and accommodate them for extended periods of time. North Star has strong infrastructure characteristics with an asset-heavy business model and predictable cash flows, supported by the mandatory usage of ERRVs and long-term contracts in the offshore wind sector.
In November 2017, Basalt Infrastructure Partners II LP closed the acquisition of the 100% interest in North Star Shipping from U.K.-based Craig Group. North Star was Craig Group’s shipping business.
