Havfram Sold to DEME in €900 Million Deal
Deal News | Apr 09, 2025 | PR Newswire Cision PSP Investments
Sandbrook Capital and PSP Investments have announced the sale of Havfram, a key player in the offshore wind sector, to DEME, a leader in offshore energy and marine engineering, for approximately €900 million. The transition marks a significant growth opportunity for Havfram, which was founded in 2021 to capitalize on the need for advanced offshore wind installation capabilities. Havfram has become instrumental in the offshore wind industry under the leadership of Christopher Hunt and Ingrid Due-Gundersen, boasting two state-of-the-art Wind Turbine Installation Vessels under construction and a robust project pipeline. The Public Sector Pension Investment Board, one of Canada's largest pension investors, and Sandbrook Capital, known for its focus on climate infrastructure, have been commended for their role in building Havfram into a major player. The transaction is expected to conclude by April 2025, with the involvement of financial advisors Goldman Sachs and legal advisor Thommessen.
Sectors
- Renewable Energy
- Private Equity
- Marine Engineering
Geography
- Norway – Havfram, the target company, is based in Oslo, Norway, making it a key geographic consideration.
- Canada – PSP Investments, one of the selling entities, is based in Canada, and it manages a significant portfolio for Canadian pension plans.
- Belgium – DEME, the acquiring company, is based in Belgium, which is relevant to the geographic context of the acquisition.
- Global – The companies involved have operations and offices worldwide, reflecting the global nature of the renewable energy sector.
Industry
- Renewable Energy – The article discusses the sale of a major offshore wind infrastructure company, Havfram, which is a significant player in the renewable energy sector.
- Private Equity – Sandbrook Capital and PSP Investments, both private equity firms, are selling their investment in Havfram, highlighting the role of private equity in funding renewable energy projects.
- Marine Engineering – DEME, the acquiring company, is a global leader in offshore energy and marine engineering, emphasizing the marine engineering aspects in the article.
Financials
- €900 million – The approximate transaction value for the sale of Havfram to DEME.
- C$264.9 billion – PSP Investments' net assets under management as of March 31, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Havfram | Target | Company | A Norwegian offshore wind installation company providing critical services to the renewable energy industry. |
| Sandbrook Capital | Selling Company | Company | A private investment firm dedicated to building the next generation of climate infrastructure companies. |
| PSP Investments | Selling Company | Company | One of Canada's largest pension investors, managing a diversified global investment portfolio. |
| DEME | Bidding Company | Company | A global leader in the offshore energy and marine engineering industry. |
| Christopher Hunt | Partner | Person | Partner at Sandbrook Capital, instrumental in establishing Havfram. |
| Sandiren Curthan | Managing Director | Person | Managing Director and Global Head of Infrastructure Investments at PSP Investments. |
| Ingrid Due-Gundersen | CEO | Person | CEO of Havfram, overseeing its growth within the offshore wind sector. |
| Goldman Sachs | Financial Advisor | Company | Provided financial advisory services to Sandbrook Capital and PSP Investments for the transaction. |
| Thommessen | Legal Advisor | Company | Provided legal advisory services to Sandbrook Capital and PSP Investments for the transaction. |