STAR Capital Partnership, a European fund manager, has acquired the UK-based wind turbine installation contractor Windhoist Holdings.
STAR carried out the investment by its EUR 800 million Fund III. The parties have not disclosed the financial details for the transaction.
Tim Adams has been selected as the Managing Director of the company and will be working with the Windhoist team to develop the business, while the current Managing Director will step down to pursue other opportunities, STAR said.
“We are delighted to have acquired Windhoist, which we believe is an excellent platform with a long history and a reputation for high quality and technical and commercial innovation,” said Uniti Bhalla , Managing Partner of STAR.
“Under STAR’s ownership, Windhoist will continue to demonstrate its commitment to the sector and will invest in expanding into adjacent service areas and markets, alongside its customers, both on- and off-shore.”
Most recently, Windhoist completed the pre-assembly of turbine towers for the Beatrice offshore wind farm. Last year, the company won a contract to carry out onshore turbine pre-assembly for Hornsea Project One.