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Azets advisers in Yorkshire have assisted the shareholders of Mainprize Offshore, a designer and operator of bespoke crew transfer vessels to the offshore wind industry, on its partial sale to private equity fund, Alcuin Capital Partners.
The firm has also advised Mainprize Offshore on the refinancing of its fleet with Siemens Financial Services.
Under the terms of the deal, Alcuin has partnered with Scarborough-based Mainprize Offshore, to help drive its ambitious growth plans, expand its fleet and take full advantage of the market opportunity.
The current directors and founders of the business, Bob and Sharon Mainprize, will continue to operate and grow the business alongside Alcuin and the senior management team.
Members of the Yorkshire-based corporate finance team from Azets were Stephen Garbett and Martin Miller with corporate finance; Steve Holmes with corporate tax); and Richard Whitelock with employment taxes.
Bob Mainprize said: “We are very grateful to 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.”
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 crew transfer vessel (CTV) market within the burgeoning offshore renewables sector, but also recognises the family’s considerable contributions to date.
“This partnership marks a significant milestone for Mainprize Offshore, setting the stage for accelerated growth and innovation in the renewable energy sector with ambitious plans for new vessel builds.”
