Baird Capital Divests STR to Star Capital
Deal News | Dec 10, 2024 | Baird Capital
Baird Capital, a global private equity firm, has concluded the sale of its investment in Subsea Technology & Rentals (STR) to another private equity entity, Star Capital. STR is a global leader in subsea sensor equipment, catering to the offshore energy, infrastructure, and marine science sectors. Baird's involvement began in January 2022, when it aligned its goals with STR to boost growth in the US and Asia. As a result, STR saw a 300% increase in its US revenue over the past three years. STR's CEO, Steve Steele, who has been at the company since 2022, will remain at its helm. Baird Capital's divestment represents a strategic realization of its investment, underscoring its commitment to sustainability and the energy transition. The transaction involved numerous advisors, including DC Advisory, Eversheds Sutherland, CIL, Rystad, Deloitte, RPS, Endava, and Sustainable Advantage, indicating the complexity and scale of the deal.
Sectors
- Private Equity
- Offshore Marine Sector
- Energy Transition
Geography
- United Kingdom – Baird Capital and STR are both based in London, UK.
- United States – STR experienced significant growth in the US market during Baird's investment period.
- Asia – STR expanded its operations in Asia, one of the key regions mentioned in the investment strategy.
Industry
- Private Equity – The article pertains to a Private Equity firm's investment and subsequent exit strategy, involving firms like Baird Capital and Star Capital.
- Offshore Marine Sector – STR operates in the offshore marine industry, providing subsea technology and solutions to this sector.
- Energy Transition – The article highlights STR's role in supporting the energy transition, which is an important thematic focus for Baird Capital.
Financials
- 300% growth in US revenues – STR's US revenues grew by more than 300% during Baird Capital's investment period.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Baird Capital | Selling Company | Private Equity Firm | A global private equity firm that invested in STR in 2022. |
| STR (Subsea Technology & Rentals) | Target Company | Company | A global provider of subsea sensor equipment and solutions to multiple sectors. |
| Star Capital | Buying Company | Private Equity Firm | The private equity firm acquiring STR from Baird Capital. |
| James Benfield | Board Member | Person | Partner at Baird Capital who joined STR’s board upon the initial investment. |
| Steve Steele | CEO of STR | Person | CEO of STR since 2022, continuing under new ownership. |
| DC Advisory | M&A Advisor | Company | Mergers and acquisitions advisory firm assisting Baird Capital in the transaction. |
| Eversheds Sutherland | Legal Advisor | Company | Provided legal advisory services for Baird Capital during the transaction. |
| CIL | Commercial Advisor | Company | Provided commercial advisory services to Baird Capital. |
| Rystad | Market Advisor | Company | Provided market advisory services in the transaction. |
| Deloitte | Financial & Tax Advisor | Company | Provided financial and tax advisory services. |
| RPS | HSE Advisor | Company | Provided health, safety, and environmental advisory services. |
| Endava | IT Advisor | Company | Provided IT advisory services. |
| Sustainable Advantage | ESG Advisor | Company | Provided ESG (Environmental, Social and Governance) advisory services. |