Mainprize Offshore to expand after partial sale to Alcuin Capital
SCARBOROUGH-BASED Mainprize Offshore, a designer and operator of crew transfer vessels to the offshore wind industry, has completed its partial sale to private equity fund Alcuin Capital Partners.
Alcuin has partnered with Mainprize to help expand its fleet. Directors and founders Bob and Sharon Mainprize will continue to operate the business alongside Alcuin and the senior management team.
Mainprize Offshore has also refinanced its fleet with Siemens Financial Services.
Nick Seaman, partner at Alcuin Capital, said: “Mainprize Offshore is a leader in the European CTV (personnel and cargo transfer) market and we are delighted to have partnered with Bob, Sharon and the wider team.
“The business enjoys strong relationships with several of the largest global wind farm developers and operators, and will play a key role in supporting the rollout of European offshore wind and the transition to net zero.”
A team of Yorkshire advisers aided the deal. The shareholders of Mainprize were advised by an Andrew Jackson Solicitors LLP team: Philip Ashworth, Matthew Smith, Nicole Waldron (corporate); Fiona
Phillips (tax); Robert Hill (property); Dominic Ward, Rebecca Forder (shipping); and Nick Wilson (employment). Advisers from Azets’ corporate finance team were Stephen Garbett, Martin Miller (corporate finance), Steve Holmes (corporate tax), Richard Whitelock (employment taxes).
Alcuin were advised by a Stephenson Harwood team led by Sam Gray and Gerald Seeto.
Mr Mainprize said: "We are very grateful to Philip, Stephen and their respective teams at Andrew Jackson and Azets for all the support and hard work they have put in over the last few months and years to facilitate this significant investment in the growth and development of our business."
Philip Ashworth, corporate partner at Andrew Jackson, said he was delighted to have assisted the Mainprize shareholders.
Stephen Garbett, corporate finance partner at Azets, added: “It has been a pleasure to have negotiated and delivered the Mainprize investment opportunity. This transaction not only underscores its leading position in the CTV market within the burgeoning offshore renewables sector, but also recognises the family's considerable contributions to date.”