Aberdeen firm Subsea Technology & Rentals (STR) is targeting “significant growth and entering new markets” after a multi-million pound private equity investment.
The company, which is headquartered in Altens, has welcomed a cash injection from Star Capital Partnership which sees it become its new majority shareholder.
The exact value has not been disclosed but it’s understood to be one of the most significant deals to close in the energy sector this year.
STR, a global subsea sensor equipment and solutions provider, said the funding will allow for development of its equipment and service offerings through organic and acquisition-led growth.
It will also see the company expand its global offshore energy and infrastructure markets with a new base in Norway set to open early next year.
Acquisitions in the pipeline
The deal will see Steve Steele continue to lead STR as chief executive officer alongside chief financial officer, Stuart Bannerman.
Steve said: “Securing Star as our new majority investor will unlock significant growth potential as we plan to enter new markets and further boost our disruptive technology offering.
“We have undergone a significant transformation over the last few years from an equipment rental business to be one of the most trusted international providers of subsea sensor technology and services across the offshore energy, infrastructure and marine markets, and we intend to go much further.
“This deal signals confidence in the long-term role we will play in offshore energy transformation.
“The investment enables us to further enhance our product and service offering, extend our geographic footprint and pursue complementary acquisitions.”
Global growth ambitions
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.
24 people are employed at the Aberdeen office in Altens Blackness Trading Estate.
Uniti Bhalla, managing partner and Philipp Moy, principal of Star also join the new board line-up.
Uniti said: “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.”
STR has been operating for more than 20 years and also has offices in Great Yarmouth, Houston, Perth and Singapore.
Baird Capital, an investor of STR since January 2022, has now exited the business following Star Capital’s investment.
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