Baird Capital’s Global Private Equity team has invested in Subsea Technology & Rentals (STR), an independent subsea rental equipment and specialist services provider to the offshore energy industry.
The terms of the deal have not been disclosed.
The funding will allow STR to develop its equipment and service offerings through organic and acquisition-lead growth. The investment will also enable STR to further expand its geographical reach, with the Americas, mainland Europe and Southeast Asia being a key focus for the company, supporting the rapidly growing offshore wind sector.
Steve Steele will lead STR as Chief Executive Officer alongside Scott Johnstone, Chief Operating Officer. In addition, James Benfield and Andy Dyer from Baird Capital also join the board.
Baird Capital was advised by Eversheds Sutherland (Legal), Grant Thornton (Financial and Tax Diligence) and CIL Management Consultants (Commercial Diligence).
