Top management of US-based salvage and offshore decommissioning company Ardent will buy-out the company from founding partners Svitzer and Crowley after receiving financial support.
The financing will come from AURELIUS Finance Company, an alternative direct lender.
The deal will see Ardent’s senior management team become shareholders in the company. The financial terms of the deal were not disclosed.
Ardent was formed in 2015 through the merger of Maersk Group’s Svitzer Salvage and Crowley’s Titan Salvage. Ardent was created to provide global emergency management services such as salvage and wreck removal, but has since grown to include offshore decommissioning of oil and gas platforms and facilities as well as subsea services. The company has its operational hubs in Houston, Ijmuiden (Netherlands), Singapore and Sydney, supported by additional global offices and equipment depots.
“Over the past four years, Ardent has successfully evolved from a provider solely focused on emergency management to one that is also an established player in the fast growing off-shore decommissioning market. I am very proud of what the team has achieved and am pleased to continue on this exciting and promising journey in close collaboration with our customers and partners,” said Peter Pietka, CEO of Ardent.
Svitzer and Crowley were advised on the transaction by ING Bank N.V..