Partners Group, one of the largest firms in the global private markets industry, has invested further equity to enable its UK-based portfolio company North Star to acquire four new offshore wind Service Operation Vessels from Edda Wind, taking its SOV fleet to 14 and representing one of the largest SOV fleets in Europe.
Partners Group acquired North Star in 2022 and has focused its value creation plan on rapidly scaling the company’s SOV fleet to capitalize on tailwinds in the offshore wind services market, where installed capacity in Europe is expected to grow at a 16% CAGR to 2035. Under Partners Group’s ownership, North Star now generates approximately GBP 100 million in run-rate EBITDA, up more than three-fold over the last four years. The Aberdeen-based company also operates a fleet of 37 Emergency Response and Rescue Vessels, the largest of its kind in Europe, providing inflation-protected cash flows from highly regulated, mission-critical services.
KEY QUOTES:
Finalising this four-vessel transaction marks another step forward for North Star in offshore wind. Bringing these SOVs into our fleet broadens our customer offering, strengthens our platform, and reinforces our presence in key European markets. It also underlines our leadership in the region’s SOV sector and provides a strong foundation for the next phase of expansion across the business.
Gitte Gard Talmo, CEO, North Star
We are very proud of the growth North Star has delivered since our investment, with this latest acquisition adding meaningful scale to the Company’s fast-growing SOV fleet. The long-term SOV market is supported by compelling structural growth drivers, including a growing offshore wind asset base, the location of assets further from shore, rising uptime requirements, and a rationalizing supply chain.
Kevin Gilhawley, Member of Management Infrastructure, Partners Group
North Star is a great example of our infrastructure platform building strategy. The Company is also making an important contribution to enhancing European energy independence and security.
Esther Peiner, Partner and Global Head of Infrastructure, Partners Group
