Gerald Edelman advises ShipVet shareholders on sale

Gerald Edelman’s Corporate Finance team has advised the shareholders of ShipVet Services Ltd, a leading provider of marine assurance services, on a majority sale.ShipVet, headquartered in North Yorkshire, provides safety, technical, and environmental risk assessments for the global oil, gas, and commodities sectors. 

The deal gives control of the business to a team led by James Stairmand, who has over 20 years of experience in the commodities sector and who founded and sold the digital marketplace, OnlineFuels. 

Stairmand will be joined by Alan Duggan, who has held C-suite roles within private equity-backed technology companies. Captain Fintan Cullen, who has owned and led ShipVet for over 25 years, will remain a key figure in the business, retaining a stake and continuing in his role as managing director.

ShipVet’s shareholders also received legal counsel from Bermans and accounting advice from SB&P throughout the process.

The deal represents a major step in ShipVet’s growth strategy, with plans in place to expand its vetting team, enhance its digital platform and increase its sales and marketing activity. 

With a track record of double-digit revenue growth in each of the last three years, ShipVet is well-positioned to capitalise on increasing demand for vetting services, driven by an ageing global tanker fleet and heightened environmental standards.

ShipVet managing director, Fintan Cullen, said: “ShipVet has experienced consistent growth over many years due to our customer-led service model and our leading team of seafarers and vetting inspectors who can provide expert views with decades of experience. We are noticing the demand for vetting services is growing significantly, so we are delighted the Gerald Edelman team has sourced the ideal partner for us to capitalise on this trend.

“On behalf of the ShipVet team, I would like to extend my thanks to the team at Gerald Edelman for their commitment and support throughout this process, resulting in a highly successful deal and a great partner for the business moving forward. We are excited for the future and highly recommend the Corporate Finance team’s services to any company considering a strategic partnership or transaction.”

Jack Bettell, associate director at Gerald Edelman, added: “We are proud to have advised on this transaction and supported ShipVet’s shareholders in taking this next exciting step.

“Working with Fintan and the ShipVet team has been a real pleasure, and we are confident that with the expertise that the buy-in team brings, ShipVet is well set for strong growth in the years to come. This deal is a testament to our team’s ability to source complementary partners for companies leading within their niche. We wish every success for the ShipVet team in the future.”