Wed, 18 Dec 2024 | MBO/MBI
ShipVet Services, a company that carries out safety assessments and sanctions screening for clients chartering vessels has undergone a management buy-in.
The deal, backed by a seven-figure loan from Frontier Development Capital (FDC), gives control of the business to a team led by James Stairmand, who has more than 20 years' 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.
Stairmand will take on the role of chief commercial officer, while Duggan becomes chief financial officer.
Captain Fintan Cullen, who has owned and led ShipVet for more than 25 years, will retain a stake in the business and continue in his role as managing director.
Established in 1997, North Yorkshire-based ShipVet has achieved double-digit revenue growth in each of the past three years.
It provides services such as vessel vetting assessments and sanctions screening to help customers place their cargo on or utilise reliable and safe vessels. In this way they can avoid vessels with owners who have a poor maintenance track record or who have carried out breaches of international sanctions. Its global clients are mainly in the oil, gas and commodities sectors.
Indeed, according to ShipVet, over the past decade there have been 729 total losses of maritime vessels.
As part of its growth strategy, the new management plans to expand the size of the vetting team, enhance the company's existing digital platform and step up its sales and marketing activity.
Stairmand said: "ShipVet sets itself apart from other services through its speedy response times and its use of former seafarers and vetting inspectors who really understand the issues and can provide an expert assessment. Fintan and the team are doing a great job and have grown the business largely by word of mouth. We believe we can add value by continuing to provide solutions to existing customers and add new customers, whilst building scalable technology to benefit the maritime sector."
Justin Sorby, of FDC, added: "Shipping underpins 80 per cent to 90 per cent of world trade so maritime safety is critical and an ageing global tanker fleet and increased emphasis on environmental standards are driving demand for vetting services. The buy-in team bring complementary business skills and are an excellent fit with the existing team. Together they are well positioned to scale the business."
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