Advent International (“Advent”) today announced that it has agreed to acquire a majority ownership interest in V.Group Ltd. (“V.Group”), the world’s leading 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 was not 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.
As a global market leader, V.Group is uniquely placed to leverage its scale and deep technical expertise to help clients maximise the long-term value of their assets. 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 to continue to deliver world-class solutions for its clients.
Clive Richardson, CEO of V.Group, said, “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, said, “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.”
Haris Kyriakopoulos, a Director at Advent International, added, “We are very excited to expand the business into new geographies and sectors, while broadening the scope of marine services that V.Group offers. In a market that is changing rapidly, V.Group as a market leader has an opportunity to deepen its engagement with current and prospective customers, responding to their evolving needs and offering comprehensive solutions to help manage their assets.”
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V.Group is the leading global maritime services provider specialising in the outsourced technical management of high-value maritime assets for ship and other asset owners, and the provision of a wide-range of high-value technical, workforce and commercial services. With over 3,000 personnel located across 70 offices globally, supporting over 47,000 personnel in marine and offshore roles, V.Group offers the broadest range of offshore and technical services in the marine market with an extensive portfolio of vessels under management across the cargo, passenger and energy sectors www.vgrouplimited.com
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 315 private equity transactions in 40 countries and as of June 30, 2016, had €36 billion in assets under management.With offices on four continents, Advent has established a globally integrated team of over 190 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors: business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com
About OMERS Private Equity
OMERS Private Equity is the private equity investment arm of OMERS, one of Canada’s largest pension funds, and has $9.7 billion of capital invested in 13 direct control buyouts. OMERS Private Equity has a team of 40 investment professionals based in offices in London, New York and Toronto.OPE seeks to use its significant and differentiated capital base to partner with management teams of industry-leading businesses across North America and Europe to support their growth strategies. For further information, visit www.omerspe.com