UK private equity firm STAR Capital Partnership (STAR) has become the new majority shareholder in Subsea Technology & Rentals (STR).
The investment will enable STR to further evolve its equipment and service offering through organic and acquisition-led growth. It will also expand the company’s geographical presence to clients across growing global offshore energy and infrastructure markets with a new base in Norway set to open early next year.
Steve Steele will continue to lead STR as CEO alongside CFO Stuart Bannerman. Uniti Bhalla, managing partner and Philipp Moy, principal of STAR will join the STR board.
Baird Capital, an investor of STR since January 2022, has now exited the business following STAR Capital’s investment.
“Securing STAR as our new majority investor will unlock significant growth potential as we plan to enter new markets and further boost our disruptive technology offering. The investment enables us to further enhance our product and service offering, extend our geographic footprint and pursue complementary acquisitions,” Steele said.
STR operates globally with technology and service facilities in Aberdeen, Great Yarmouth, Houston, Perth, and Singapore – with a presence in Norway set for early 2025 and further expansion on the horizon.
The company has nearly doubled its headcount in the last three years, with 110 people globally and expects to add a further 20 people in the coming.
