STAR Capital to acquire Subsea Technology & Rentals
10 December 2024
STAR Capital Partnership LLP (“STAR”) is pleased to announce that the STAR IV Fund has completed its acquisition of Subsea Technology & Rentals (“STR”). STAR will become majority owners alongside a consortium of co-investors and management.
STR is a leading global subsea sensor equipment and solutions provider to the offshore energy, infrastructure and marine science markets. The company manages a large and diversified fleet of specialised subsea equipment that it provides to leading offshore engineering and service firms. STR operates globally with facilities in Aberdeen, Great Yarmouth, Houston, Perth and Singapore.
STR fits well within STAR’s specialist rental and “assets as a service” investment theme. It also exhibits a number of the strategic qualities STAR looks for in its investments: it has a leading position in a growing market driven by structural tailwinds and is a key enabler of the offshore energy transition. The company provides a mission critical service to its customers, often under long term agreements, and has built strategic relationships with its blue-chip clients through a relentless focus on high quality service. Lastly, STR is being led by an excellent team with decades of relevant industry experience and a clear strategic vision for growth.
STR represents the STAR IV fund’s fifth acquisition to date.
STAR has a successful track record in value generation and driving growth, typically investing in asset-based companies that provide an essential service to its customers, with enterprise value between €50 million and €1 billion.
