MML Growth Capital Partners Ireland has made a multimillion-euro investment in the marine services business Mainport Shipping Limited, a subsidiary of Irish Mainport Holdings, to fund the purchase of support vessels needed to meet demand from the offshore wind sector.
The deal, which will make MML a significant minority shareholder in the company alongside Cork-based IMH, will see Mainport Shipping buy a newbuild survey support vessel, the Mainport Edge, for around €16 million, and also fund the acquisition of additional survey support vessels.
The funding is coming from the €145 million MML Growth Capital Partners Ireland Fund II, which is supported by the Ireland Strategic Investment Fund, AIB and international institutional investors.
Mainport Shipping is focused on the offshore energy sector, chartering survey support vessels to global geo data specialists. It also provides towage services at ports within the Shannon Estuary.
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“We are delighted with this investment from MML as it will allow us to buy more ships for the expanding offshore wind sector. Our target market is Europe, and we will return to Ireland with an experienced track record when Ireland needs our ships,” said Dave Ronayne, chief executive of Mainport Holdings.
The company is hoping to tap into the increased demand stemming from interest in wind energy, as countries strive for energy security.
“Irish Mainport Holdings and Mainport Shipping are strong businesses with proud heritages and exceptional reputations and are a great example of a successful multi-generational family business. Dave Ronayne and the management team are passionate about the business and have a proven track record of delivering growth,” said Shane Cooke, investment director with MML. “We are delighted to be investing and partnering with them and are keen to invest further to allow this business to achieve its exciting potential”.
The deal is the latest in a series of investments that MML has made in environmentally focused sectors, with the company supporting IT asset disposal company Vyta, bespoke distribution transformer manufacturer Kyte Powertech, and Natural World Products, which is involved in recycling organics.
As part of the investment, Mr Cooke will join the Mainport Shipping board.
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