U.K. investment firm Inspirit Capital announced it has completed the carve-out of CWind, a provider of offshore wind support services, from Global Marine Group.
CWind completes approximately 60,000 crew transfers annually, utilizing its fleet of crew transfer vessels (CTV), including the world’s first hybrid surface effect ship, CWind Pioneer. The company has operated in support of more than 50 U.K. and European offshore wind farms since 2010.
London-based Inspirit Capital specializes in acquiring businesses that are no longer core to their parent company’s strategic objectives and require a different ownership structure to achieve their full potential.
Paul Youens, investment manager at Inspirit Capital, said, “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.”
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 were advised by Piper Sandler (Corporate Finance) and Jones Day (Legal).