Partners Group, a global private markets firm, has agreed, on behalf of its clients, to acquire North Star (or "the Company"), an operator of specialized vessels that offer emergency response and rescue as well as 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 the leading UK 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. The Company is set to benefit from rising demand for SOVs due to structural growth in the offshore wind industry, which is being driven by global decarbonization trends.
Partners Group aims to transform North Star into a leading pan-European next generation offshore wind infrastructure services company, which reflects the firm's focus on investing with sustainability factors in mind. Partners Group will work with management on a transformational value creation plan that will expand the Company's platform through growing its offshore wind fleet and broadening its offshore wind offering.
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