Grimsby-headquartered offshore wind support services provider CWind has been bought out by UK-based investment firm Inspirit Capital.
The company, previously part of Global Marine Group, has established itself in the world-leading operations and maintenance cluster over recent years, with a significant base and training facility on the former Fish Dock Service Quay..
Launched in 2010 in Great Yarmouth, it won a series of contracts for wind farms operated out of the town, leading to it becoming the key tenant of the GRO Centre – Orsted’s formative set-up – having initially operated from offices within Grimsby Fish Market. It had been acquired by GMG, an Essex-based submarine cable solutions provider, in 2017.
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Joe Browse, managing director at CWind, said: “CWind is embarking on an exciting journey with Inspirit Capital as our new owner. Our unwavering commitment to the offshore wind industry remains stronger than ever. This acquisition will enable us to enhance our offering, further explore innovative solutions for our clients, and continue supporting the growth of clean, sustainable energy generation.”
Last year saw the £12 million turnover firm make a £3 million loss, halving that of the previous year, as it overcame challenges dealt by Covid in 2020 and 2021 in terms of disruption and cost. Now completing around 60,000 crew transfers annually, it has experience of more than 50 UK and European wind farms, relying on a fleet of 12 owned or operated vessels, including those at the cutting edge of decarbonisation. A total of 89 people are employed.
The undisclosed deal comes months after the company’s Far East interests were sold. CWind Taiwan was established in partnership with International Ocean Group, a Taiwanese offshore wind services provider, in 2018. It bought Global Marine Group’s shares in July.
Inspirit is a London-based private equity investment firm, acting for a small group of institutional investors. Launched in december 2019, it backs small and medium-sized UK headquartered businesses that are being sold by large corporations.It describes itself as having a strong track record in executing such carve-out transitions and “reinvigorating businesses in standalone, entrepreneurial environments”.
Paul Youens, investment manager at Inspirit, said: “We are delighted to be investing in CWind, a clear market leader in the offshore wind market. The business has a rich heritage and strong relationships with key operators in the sector. We are excited to back management’s vision to nurture and expand existing customer relationships, as well as deliver on the ambitious sustainability plans for the business.”
Inspirit was advised on the transaction by Stout (corporate finance), K&L Gates (legal), LCM (debt providers) and Colebrook Offshore (valuations). Global Marine was advised by Piper Sandler (corporate finance) and Jones Day (legal).
Original artice – https://business-live.co.uk/all-about/yorkshire-humber