Calash is pleased to announce that it provided commercial due diligence to STAR Capital Partnership LLP on its acquisition of Subsea Technology & Rentals (STR), a leading global subsea sensor equipment and solutions provider to the offshore energy, infrastructure and marine science markets.
STR manages a large and diversified fleet of specialised subsea equipment that it provides to leading offshore engineering and service firms. It operates globally with facilities in Aberdeen, Great Yarmouth, Houston, Perth and Singapore. STAR Capital has acquired majority ownership of the business through its STAR IV fund, alongside co-investors and the company’s management. Baird Capital, which invested in STR in 2022, has exited the business.
The investment will enable STR to further evolve its equipment and service offering through organic and acquisition-led growth. It will also expand the company’s geographical presence to clients across growing global offshore energy and infrastructure markets, with a new base in Norway set to open early next year. Steve Steele will continue to lead STR as its Chief Executive Officer, alongside Chief Financial Officer, Stuart Bannerman. Uniti Bhalla, managing partner and Philipp Moy, principal of STAR will join the STR board.
Calash provided focused commercial due diligence to support STAR Capital on the acquisition and to position the business for future growth.
“We are thrilled to partner with STR and assist the company’s global growth ambitions. We were attracted to STR due to its innovation and solutions-based approach, providing highly technical and mission critical sensor equipment into offshore markets, which are set to continue expanding through investment into energy transformation, including subsea power and communications.
The characteristics of the business match our specialist rental and ‘assets as a service’ investment theme, and we are excited to support Steve and his talented team on their vision and growth strategy to benefit STR’s clients worldwide.”
Uniti Bhalla, Managing Partner, STAR Capital
Read the full press release Here
STAR is a private equity firm focused on building and developing businesses around strategic assets in Western Europe. Established in 1999, it looks for businesses or assets protected by a strong strategic position, located in Western Europe with enterprise value between €50 million and €1 billion.
STR operates globally with technology and service facilities in Aberdeen, Great Yarmouth, Houston, Perth and Singapore, with plans to have a presence in Norway early in 2025 and further expansion on the horizon. The company has nearly doubled headcount in the last three years, with 110 people globally and expects to add a further 20 people in the coming year, with further growth to be delivered through strategic acquisitions. It has 22 dedicated design engineers and production technicians based at its £1 million Global Technology and Innovation Centre of Excellence developing new products for launch in 2025. The company has plans to further increase revenue through a focus on sustained research and development, displacing legacy subsea technologies with innovative challenger products.
