Venterra Acquires Oceanscan to Strengthen Offshore Services
Deal News | Nov 13, 2024 | CMS Law
Venterra Group Plc, a company focused on offshore wind services, has acquired Oceanscan Holdings Limited in a strategic move to enhance its service capabilities. CMS Law advised Venterra on the acquisition, which was supported by an equity raise and bank facilities amounting to significant financial backing from key investors like General Atlantic's BeyondNetZero and First Reserve. The acquisition integrates Oceanscan's expertise in subsea and non-destructive testing equipment, aligning well with Venterra's Geoscience and Survey teams, and reinforcing Venterra's position in the offshore energy market. The CMS team managed various legal aspects of the acquisition, indicative of a well-strategized expansion in the offshore wind industry, supporting the sector’s growth in the clean energy transition.
Sectors
- Offshore Wind Energy
- Subsea Equipment and Services
- Corporate Finance and Legal Advisory
Geography
- United Kingdom – Venterra and Oceanscan operate within the UK, with CMS Law providing legal services from its UK offices. The UK is a significant location for offshore wind energy development.
Industry
- Offshore Wind Energy – Venterra operates as an offshore wind services provider, focusing on clean energy transition.
- Subsea Equipment and Services – Oceanscan provides subsea and non-destructive test equipment vital for offshore industry applications.
- Corporate Finance and Legal Advisory – CMS Law provided legal advisement to Venterra during the acquisition process, involving significant financial transactions and strategic growth plans.
Financials
- 30m – Equity investment by General Atlantic's BeyondNetZero and First Reserve for Venterra's acquisition.
- 110m – Bank facilities from HSBC, NatWest, Rabobank, and Citibank to support Venterra's acquisition and future growth.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Venterra Group Plc | Acquiring Company | Company | An offshore wind services business supporting the industry's clean energy transition. |
| Oceanscan Holdings Limited | Target Company | Company | A leading provider of subsea and non-destructive test equipment and specialist personnel. |
| CMS Law | Legal Advisor | Company | Advised Venterra on the acquisition and associated financial arrangements. |
| General Atlantic's BeyondNetZero | Investor | Company | Participated in equity investment to support Venterra's acquisition financing. |
| First Reserve | Investor | Company | Contributed to the equity raise, reinforcing Venterra's acquisition strategy. |
| HSBC, NatWest, Rabobank, Citibank | Financial Institutions | Company | Provided bank facilities to facilitate Venterra's acquisition financing. |