STAR Capital Acquires Windhoist Holdings
23 August 2019
STAR Capital Partnership LLP (“STAR Capital” or “STAR”), a leading European fund manager, announced today that is has acquired Windhoist Holdings (“Windhoist”), a leading wind turbine installation contractor for an undisclosed consideration.
Originally founded in Ireland in the 1950s with a focus on agricultural machinery, the family owned business grew quickly, and by 2005 was supplying mechanical and electrical engineering turnkey services to the emerging wind industry under the Windhoist brand, filling a gap in the UK market. With a historical focus on the on-shore wind market, more recently it successfully completed the portside construction of 84 offshore wind towers for the 588MW Beatrice offshore wind project, the first to utilise this approach in the UK.
Today, Windhoist is a world leader in wind turbine installation having erected over 6000 turbines with an installed capacity in excess of 11GW across the world. The company benefits from long lasting and stable relationships with its major customers, which include all the major wind turbine manufacturers, delivering high-quality workmanship and playing an integral role in the final stages of a wind farm project delivery.
Tim Adams, who has an engineering background and has spent his career employed in various roles in the renewable and maritime construction industries, has been appointed as the new Managing Director of the Company from today. Together with STAR, Tim will work closely with the experienced team at Windhoist to develop and grow the business into the future. Windhoist’s current Managing Director, the Company’s second-generation family founder, will step down to pursue other opportunities.
STAR Capital has a successful track record in value generation and driving growth, typically investing in businesses focussed on strategic assets and holding a strong market position. The company has previously invested very successfully in the development of energy infrastructure and services. This is the sixth investment by STAR’s €800 million Fund III.