UK Company Buys CTV Owner CWind

Business & Finance

October 11, 2023, by Adnan Memija

UK-based Inspirit Capital has acquired crew transfer vessel (CTV) owner CWind from Global Marine Group.

CWind Inspirit Capital — *Source: CWind*

CWind completes approximately 60,000 crew transfers annually, utilising its fleet of CTVs, including the world’s first hybrid surface effect ship, CWind Pioneer.

The company provided services at wind farms throughout the UK and Europe including London Array, Thanet & Kentish Flats, Westermost Rough, Borkum Riffgrund, Princess Amalia, and Gode Wind.

“CWind is embarking on an exciting journey with Inspirit Capital as our new owner. Our unwavering commitment to the offshore wind industry remains stronger than ever,” said Joe Browse, Managing Director at CWind.

“This acquisition will enable us to enhance our offering, further explore innovative solutions for our clients, and continue supporting the growth of clean, sustainable energy generation.”

In July, International Ocean Group (IOG) also acquired CWind’s majority shares in CWind Taiwan.

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Inspirit Capital is a London-based investment firm that specialises in acquiring businesses that are no longer core to their parent company’s strategic objectives and require a different ownership structure to achieve their full potential.

“We are delighted to be investing in CWind, a clear market leader in the offshore wind market, which further demonstrates Inspirit’s capacity to deliver corporate carve-outs. The business has a rich heritage and strong relationships with key operators in the sector,” said Paul Youens, Investment Manager at Inspirit Capital.

“We are excited to back management’s vision to nurture and expand existing customer relationships, as well as deliver on the ambitious sustainability plans for the business.”