Portfolio

Overview

In January 2012, STAR completed the acquisition of Blohm + Voss' civil business from ThyssenKrupp AG. Blohm + Voss is recognised as one of the great brands in the marine industry with a rich history and a track record of engineering excellence, renowned for manufacturing "best in class" products.

The transaction included the acquisition of four businesses: Blohm+Voss Industries ("BVI"), a provider of highly complex marine components; Blohm+Voss Repair ("BVR"), a ship repair and conversion business; Blohm+Voss Oil Tools ("BVOT"), a provider of pipe handling equipment to the oil and gas sector; and Blohm+Voss Shipyards ("BVS”), a shipbuilder focused on luxury mega yachts, naval vessels and services.

The acquisition was completed at a time when significant restructuring and downsizing was being planned for the business. Immediately post acquisition, STAR committed additional capital to support the required restructuring process. BVI and BVOT were separated into two standalone businesses and sold separately to different high quality industrial companies. The remaining companies, BVS and BVR, were merged into one entity and a new management team was brought in to restructure the business, making it more customer driven and efficient.

BVI was sold to SKF Group in January 2013. BVOT was sold to Forum Energy Technologies in May 2013. BVS and BVR were sold to Luerssen in September 2016.