Basalt Infrastructure Partners announce the acquisition of North Star from Craig Group
Monday, Nov 06, 2017
Basalt Infrastructure Partners II LP (“Basalt”) announces it has closed the acquisition of the 100% interest in North Star (the “Company”). The terms of the transaction are not being disclosed.

North Star provides essential emergency response and rescue services to the offshore industry in the UK North Sea. The emergency response and rescue vessel (ERRV) business is a highly regulated sector in the UK which demands a 24/7, 365 day service provided to oil and gas companies operating with personnel on offshore platforms. North Star currently owns and manages 31 vessels supported by a fleet of approximately 50 fast rescue crafts and 35 daughter crafts. North Star has one of the youngest British fleets in the market.

Steven Lowry, Partner of Basalt Infrastructure Partners LLP, advisor to Basalt, said, “We are excited by the opportunity to acquire North Star through a bilateral acquisition process. North Star is a highly attractive investment opportunity in a UK regulated sector. The transaction provides a proven management team that has built a stable business, with strong growth potential and providing sector diversification for Basalt”.  

Callum Bruce, Managing Director of North Star said, “We are very excited to be partnering with Basalt for the long term. Their investment coupled with our market-leading position and sector knowledge provides a strong platform for future, sustainable growth and diversification of the Company.

“The senior management team, staff and crew at North Star will remain with the business and this transaction will not impact on our day to day operations. We remain committed to delivering the highest standards of safety and service to our clients and provide industry-leading vessels and support.”

Bank of Scotland provided financing to Basalt as part of the acquisition, and is pleased to continue the strong banking relationship with the Company and supporting its future growth strategy in the sector.

Simmons & Company International, Energy Specialists of Piper Jaffray, acted as the exclusive financial advisor to Craig Group.

For more information, please visit:
Find out more about European Oil and Gas from NewsBase