LONDON—18 Jan. 2022— Baird Capital’s Global Private Equity team today announced an investment in Subsea Technology & Rentals (“STR”), a leading independent subsea rental equipment and specialist services provider to the offshore energy industry. The terms of the deal were not disclosed.
The funding will allow STR to develop its equipment and service offerings through organic and acquisition-lead growth. The investment will also enable STR to further expand its geographical reach, with the Americas, mainland Europe and Southeast Asia being a key focus for the company, supporting the rapidly growing offshore wind sector.
Steve Steele will lead STR as Chief Executive Officer alongside Scott Johnstone, Chief Operating Officer. In addition, James Benfield and Andy Dyer from Baird Capital also join the board.
Since 2011, STR has become a leading independent provider of subsea technology and services to the subsea energy market with a strong customer base built on culture, teamwork, commitment and responsiveness, with innovation at the core of its ethos. The business operates globally with facilities in Aberdeen, Great Yarmouth, Houston, Perth and Singapore. STR operates the youngest equipment fleet in the segment and offers its customers integrated, forward-thinking technology and innovative engineering solutions, complete with dedicated project support from planning to completion.
Steve Steele, CEO, said: “I am delighted to announce Baird Capital’s investment in STR. STR has grown from a small independent subsea equipment rental business into one of the most trusted international providers of subsea technology and technical services for customers across the offshore energy industry.
“This deal signals confidence both in our business and the long-term role STR will play in the future energy transition. This new investment will enable us to strengthen our product and service offering, extend our geographic footprint and pursue complementary acquisitions. It’s a great opportunity for STR’s customers, employees and suppliers around the world.
“I am also happy to welcome James and Andy to the Board. It’s a very high calibre Board that will bring a wealth of experience as we seek to deliver our growth ambitions.”
Scott Johnstone, COO, commented: “I am very pleased that Steve Steele and Baird Capital all recognise STR’s strong market position and share our excitement in the growth of offshore wind in America, Asia and Europe. The combined expertise of the new Board and the additional funding this transaction brings will allow us to further support our long-term customers around the globe.”
“We are thrilled to partner with STR and assist the team in their global growth ambitions,” said Andy Dyer, Director with Baird Capital’s Global Private Equity team. “We were attracted to STR due to its solutions-based approach to the provision of highly technical survey equipment into the subsea sector, which is set to benefit from significant infrastructure investment, particularly into offshore wind. With a geographic footprint that matches our own, we are ideally structured to support Steve, Scott and their talented team to grow the business and support their customers worldwide.”
Baird Capital was advised by Eversheds Sutherland (Legal), Grant Thornton (Financial and Tax Diligence) and CIL Management Consultants (Commercial Diligence).
About STR
Subsea Technology & Rentals (STR) was established in Scotland and is a specialist technology company providing rental and sales services globally to the offshore marine sectors. For over 20 years, STR has delivered mission critical solutions to support offshore survey, ROV, IRM, positioning, environmental and subsea construction sectors. As an innovative company STR understands the importance of developing new technology and delivering class leading services to give customers the very best solutions. For more information, visit STR’s website.
About Baird Capital
Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Having invested in more than 330 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit BairdCapital.com.
Baird Capital Partners Europe Limited is authorised and regulated by the Financial Conduct Authority.
STR Contact Information:
Photograph: Scott Johnstone and Steve Steele
Web: www.str-subsea.com
Email: ka.henney-cant@str-subsea.com
Tel: 01493 445400
Media Contact:
Maitland/AMO
Alasdair Lennon
Email: alennon@maitland.co.uk
Tel: +44 (0) 207 379 5151
