STR expands geographical reach as new investment comes
The U.S.-headquartered Baird Capital has invested in Subsea Technology & Rentals (STR) to support the UK subsea rental equipment provider in developing its equipment and service offerings.
The investment will also enable STR to further expand its geographical reach, with the Americas, mainland Europe and Southeast Asia being a key focus, supporting the offshore wind sector.
The terms of the deal were not disclosed.
Steve Steele will lead STR as chief executive officer, alongside Scott Johnstone as chief operating officer. In addition, James Benfield and Andy Dyer from Baird Capital also joined the board.
“This deal signals confidence both in our business and the long-term role STR will play in the future energy transition. This new investment will enable us to strengthen our product and service offering, extend our geographic footprint and pursue complementary acquisitions. It’s a great opportunity for STR’s customers, employees and suppliers around the world,” Steele said.
“We were attracted to STR due to its solutions-based approach to the provision of highly technical survey equipment into the subsea sector, which is set to benefit from significant infrastructure investment, particularly into offshore wind,” said Andy Dyer, director with Baird Capital’s Global Private Equity team.
Baird Capital was advised by Eversheds Sutherland (legal), Grant Thornton (financial and tax diligence) and CIL Management Consultants (commercial diligence).