Advent International is to acquire a majority ownership interest in V.Group, a marine and offshore vessel management and support services provider, from Omers Private Equity (OPE).
OPE will reinvest in V.Group, working with Advent and the management team to support the continued growth and development of the business.
V.Group’s management team will retain a minority stake in the company.
The value of the transaction has not been disclosed.
V.Group specialises in the technical management of maritime assets outsourced by ship owners, and the provision of a wide-range of high-value technical, personnel and advisory services. Operating out of 70 international offices, the company manages over 1,000 vessels on behalf of its customers across the commercial shipping, cruise, energy and defence sectors. V.Group employs more than 3,000 people and supports over 47,400 personnel in marine and offshore roles.
Following Advent’s investment, V.Group’s growth strategy will remain focused on further geographical expansion and deepening its range of services organically and through complementary acquisitions. Advent will also support the management team in making significant investments in technology, systems and operations.
Clive Richardson, CEO of V.Group, says: “We have enjoyed great support and solid growth under OPE’s ownership, and our company has continued to strengthen its position in the market through our recent acquisitions of Bibby Ship Management and Selandia Holdings. V.Group has a unique offering in marine services, and as ship owners and operators increasingly consider strategic options for the management of their fleets, we are committed to delivering performance excellence alongside lower costs. We look forward to working with Advent to make this possible.”
James Brocklebank, a managing partner at Advent International, says: “V.Group has a proven track record of delivering value for its customers alongside consistent growth, and we believe that Advent is well-placed to help the business build on this success. Advent’s global presence, sector specialisation and focus on business transformation make us an ideal partner for V.Group in the next phase, and we look forward to supporting its continued expansion and development.”
Mark Redman, global head of Omers Private Equity, says: “The sale of V.Group is the first realisation by OPE in Europe and the fourth successful exit in 2016 by OPE globally. Omers led the way among Canadian pension funds when we first established a private equity office purely focused on lead direct deals in Europe in September 2009. I am delighted that we have demonstrated ultimate proof of concept with this exit and am confident the global team shall continue to generate the long-term, stable returns necessary to meet the Omers pension promise.”
