Macquarie Asset Management, via Macquarie European Infrastructure Fund 7, has agreed to acquire ZITON, a leading offshore wind operations and maintenance (O&M) business from funds advised by Permira Credit and other existing shareholders.
Founded in Denmark in 2007, ZITON was one of the first companies in the offshore wind sector and is a leading provider of offshore wind O&M services in Europe. The company currently owns and operates five jack-up vessels and has serviced 1,800 turbines at 80 different offshore windfarms in the North Sea.1 ZITON offers a full-service solution, including maritime project planning and execution, lift planning and execution, specialist tools and lifting equipment and technical specialists.
The European offshore wind market is currently the largest in the world and it continues to play a key role in securing the region's energy security and transition. With the industry estimated to more than double by 2030 from 34 GW to 83 GW, Macquarie Asset Management's investment will support the ongoing operations and expansion of ZITON's fleet and services.2
Gordon Parsons, a Senior Managing Director at Macquarie Asset Management, said: "Extending the life of existing offshore wind farms whilst delivering the next generation of projects will enable Europe to meet its ambitious net zero and energy security goals. As a leading infrastructure investor, and a major investor in the North Sea offshore wind industry, we recognise ZITON's essential role in providing the practical solutions needed to ensure Europe's offshore wind fleet is optimised and resilient."
Thorsten Jalk, CEO of ZITON, said: "With the support of Permira Credit, we continued our goal of ensuring high uptime for offshore wind turbines to produce clean energy. In this new chapter, we look forward to working with Macquarie Asset Management, as we continue to grow and be a trusted partner for our customers."
Sam Gross, Managing Director at Permira Credit and Chairman of ZITON, said: "We are pleased to have supported ZITON through what was a challenging period and into its return to strong growth, enabling the business to capitalise on the positive market opportunities in the wind turbine industry. ZITON's sustainable business model will continue to grow with the industry alongside its customers as specialists in upgrading and maintaining turbines."
Nomura Greentech and Kromann Reumert advised Permira Credit on the transaction. Crédit Agricole CIB, Jones Day and Bech-Bruun advised Macquarie Asset Management.
This transaction is subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.
About Permira Credit
Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds across two core asset classes, private equity and credit, with total committed capital of approximately €80 billion.
Permira Credit is one of Europe's leading specialist credit investors, supporting businesses with flexible financing solutions across Direct Lending, Strategic Opportunities, CLO Management and Structured Credit. Established in 2007, the firm advises investment funds and products which have provided approximately €20 billion of debt capital to over 300 European businesses.
