Macquarie Asset Management is set to acquire 100 ownership of Ziton, a Denmark-based provider of operations and maintenance (O&M) services to the offshore wind industry.
Macquarie European Infrastructure Fund 7, advised by Macquarie Asset Management, has entered into a share purchase agreement with funds advised by Permira Credit and other existing shareholders to acquire all issued and outstanding shares of Zappy TopCo ApS and its wholly-owned subsidiary Ziton, the O&M company said in a stock exchange announcement on 27 September.
The transaction is expected to be completed by December 2024 or the first quarter of 2025, subject to regulatory approvals.
“It is a major validation of ZITON that Macquarie has decided to invest in the company. It shows that we have built a great company with a strong market position, good relationships to our customers and some of the best people in the industry. This is another major step to develop ZITON 2.0 – we will continue our journey”, said Thorsten Jalk , CEO of ZITON.
Ziton 2.0 is a new brand identity that the company launched on 20 September, saying it signals “steaming full ahead into the next decades of offering O&M service solutions on offshore wind turbines”. At the beginning of the month, Ziton also named a new Chief Operating Officer (COO) and Chief Technology and Innovation Officer (CTIO) and said that it decided to strengthen the organisation with some changes in the management team to meet future requirements as the company was expecting high growth in the coming years.
On 29 August, Ziton reported an increase in EBITDA in Q2 2024, compared to the same period last year, and said the company had a strong pipeline for the remainder of the year.
In the Q2 2024 financial results, Ziton also announced a review of strategic alternatives focused on maximising shareholder value including, among other things, a corporate sale, while continuing to develop other growth opportunities.