Mon, 13 Jan 2025 | BUSINESS SALE
Private equity group Inspirit Capital has sold Grimsby-based offshore wind group CWind to sustainable energy firm All Energies Services Group (AES).
Founded in 2010, CWind is renowned for delivering comprehensive support to the offshore wind industry, including crew transfer vessels, asset management, and turnkey engineering services.
It has worked on major offshore wind projects around the world including the UK, Asia and the Baltics.
It was sold by Global Marine Group to Inspirit in October 2023, with Inspirit declaring that since then it has played an active role in delivering the carve-out, "strengthening the senior leadership team and re-establishing the business as a robust stand-alone entity".
AES Group is an operator of Offshore Supply Vessels focusing on worldwide operations with its strongest presence being in both Africa and the Middle East regions.
According to AES this acquisition marks a 'significant milestone in its mission to expand its footprint in the renewable energy sector, particularly offshore wind operations, and reinforces its commitment to driving the global transition to clean energy'.
Joseph Browse, Managing Director of CWind, said: "This is an exciting new chapter for CWind. Joining AES Group provides us with the resources and strategic support to scale our operations and further strengthen our service offerings to the offshore wind sector. Inspirit's guidance and investment have been instrumental in positioning us for this next stage of growth."
Paul Youens, Investment Director of Inspirit Capital added: "CWind has flourished under our ownership, and we are proud of the strides the company has made in supporting the offshore wind industry. Our primary objective was to successfully deliver the carve-out and establish it as a stand-alone entity, creating a strong foundation for future growth. With this achieved, we believe AES Group is ideally positioned to take CWind to new heights, ensuring it continues to play a vital role in the renewable energy transition."
According to the most recent report from the Global Wind Energy Council, 2023 was the second-best year ever for the global offshore wind industry. A total of 75 GW of global offshore wind capacity was in operation by the end of 2023.
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