V.Group to have new owners

Ship management giant V.Group is to get new private equity ownership. London-based Star Capital says that its Star IV fund is leading a consortium of investors that includes DEME‘s majority owner, Ackermans & van Haaren (Euronext: ACKB) and others to acquire the company from Advent International. The transaction is subject to regulatory consents and is expected to complete in early autumn 2024. Financial terms have not been disclosed.

V.Group provides a wide range of services that include technical ship management, crew management, crew welfare services (such as catering, travel, and digital wallets and payment cards), leveraged procurement, technical services, specialist insurance broking, and shipping-specific digital solutions.

Headquartered in London, V.Group has 50 offices in 30 countries and has around 2,900 employees worldwide.With access to an international network of over 44,000 seafarers, it provides services to approximately 3,500 vessels from pedigree shipowners and managers alike, with safety and compliance at the heart of V.’s operating model.

V.Group says that Star and its consortium partner will provide it with a strong financial foundation from which to further grow and accelerate continuing strategic development.

René Kofod-Olsen, CEO of V.Group said: “I am truly excited to welcome such well-respected, long-term investors with deep shipping sector experience to assume the ownership of V. I have no doubt that this transaction will further strengthen V., allowing us to accelerate investments across our shipping and services platform to the benefit of our customers, employees and the industry.”

Aditya Bindal, a partner at STAR said: “V. is an excellent fit for Star’s investment strategy with its strong brand and leading position in a highly fragmented market, making it a natural leader in providing technical management and marine services to fleet owners and operators, including those turning to outsourced services for the first time. We have been impressed by the team, their track record and vision for the company, and look forward to supporting them as they continue to deliver value for the company’s customers consistently and over time.”