Aberdeen firm Subsea Technology & Rentals (STR) is targeting growth in the “rapidly growing offshore wind sector” after a multi-million pound private equity investment.
The company, which is headquartered in Altens, has welcomed an eight-figure sum cash injection from Baird Capital. The exact value has not been disclosed.
The deal also sees Steve Steele, from Baird Capital, take on the newly-created role of chief executive with former STR managing director Scott Johnstone now chief operating officer.
STR, a specialist in the design, production and rental of advanced subsea technology, said the funding will allow for development of its equipment and service offerings through organic and acquisition-lead growth.
Target new parts of the world
It will also enable the company to further expand its geographical reach, with the Americas, mainland Europe and Southeast Asia being a key focus for the company, supporting the rapidly growing offshore wind sector.
Mr Steele said: “I am delighted to announce Baird Capital’s investment in STR.
“STR has grown from a small independent subsea equipment rental business into one of the most trusted international providers of subsea technology and technical services for customers across the offshore energy industry.
“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.”
Strong market position for STR
James Benfield and Andy Dyer from Baird Capital also join the new board line-up.
Mr Johnstone said: “I am very pleased that Steve Steele and Baird Capital all recognise STR’s strong market position and share our excitement in the growth of offshore wind in America, Asia and Europe.
“The combined expertise of the new board and the additional funding this transaction brings will allow us to further support our long-term customers around the globe.”
STR has been operating for more than 20 years and also has offices in Great Yarmouth, Houston, Perth and Singapore.
Baird Capital is the direct private investment arm of Robert W. Baird & Co and has invested in more than 330 companies during its history.
