UK-based Investment firm, Inspirit Capital, has completed its acquisition of CWind, an offshore wind support services business from Global Marine Group.
CWind has worked on more than 50 offshore wind farms across the UK and Europe since 2010 and the firm says it has supported over 12GW of power generation.
The wind support services firm carries out around 60,000 crew transfers, Inspirit says.
CWind utilises its fleet of crew transfer vessels (CTV), including the world’s first hybrid Surface Effect Ship, CWind Pioneer for this work.
The North Lincolnshire-based renewables firm says that the takeover by Inspirit will allow it to accelerate its growth and enhance its services in response to the wind sector’s needs.
In 2017, Global Marine Group acquired CWind, and the following year, established CWind Taiwan in partnership with International Ocean Group, a Taiwanese Offshore Wind services provider.
International Ocean Group purchased Global Marine Group’s shares in CWind Taiwan to become sole owner in July this year.
Joe Browse, managing director at CWind said: “CWind is embarking on an exciting journey with Inspirit Capital as our new owner.
“Our unwavering commitment to the offshore wind industry remains stronger than ever. This acquisition will enable us to enhance our offering, further explore innovative solutions for our clients, and continue supporting the growth of clean, sustainable energy generation.”
Inspirit was advised on the transaction by Stout (Corporate Finance), K&L Gates (Legal), LCM (Debt providers) and Colebrook Offshore (Valuations).
Global Marine was advised by Piper Sandler (Corporate Finance) and Jones Day (Legal).
Paul Youens, investment manager at Inspirit Capital, added: “We are delighted to be investing in CWind, a clear market leader in the offshore wind market, which further demonstrates Inspirit’s capacity to deliver corporate carve-outs.
“The business has a rich heritage and strong relationships with key operators in the sector. We are excited to back management’s vision to nurture and expand existing customer relationships, as well as deliver on the ambitious sustainability plans for the business.”
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