Fri, 13 Oct 2023 | BUSINESS SALE
CWind, a Grimsby-based offshore wind support services provider, has been acquired by London-based investment firm Inspirit Capital. CWind, which was part of the Chelmsford-based offshore engineering company Global Marine Group, will become a standalone entity following the acquisition.
CWind completes approximately 60,000 crew transfers per year with its fleet of 12 owned and operated crew transfer vessels (CTVs) - which includes a hybrid Surface Effect Ship CTV – and has supported the development of 50 offshore wind farms in the UK and Europe since 2010.
Inspirit Capital specialises in the acquisition of businesses that are no longer a core part of their parent company’s strategic objectives and are seeking a different ownership structure in order to realise their growth potential.
The investment firm said that the acquisition of CWind would enable it to accelerate its growth and expand its services amid the evolving needs of the offshore wind industry. Inspirit Capital Investment Manager Paul Youens called CWind “a clear market leader in the offshore wind market” and said that the deal “further demonstrates Inspirit's capacity to deliver corporate carve-outs.”
Youens continued: "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."
CWind Managing Director Joe Browse added: "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."
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Find out more about the growing role of ESG in M&A activity in this dedicated insight
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