Windhoist sold to Star Capital
13 September 2019
European private equity firm Star Capital Partnership has acquired wind turbine installation contractor Windhoist Holdings.
Windhoist is a leading global installer of wind turbines. It has installed more than 6,000 units, for a total of more than 11 GW of capacity. With roots in Ireland in the 1950s, the company grew to specialize in onshore installation work on the UK mainland. More expansion saw it working further afield around the world. A recent project was assembling 84 turbines for the 588 MW Beatrice wind farm sited 13 km off the coast of Scotland. The last turbine was installed in May 2019.
Windhoist Holdings had a turnover of £47 million in 2017. The acquisition was for an undisclosed sum. Star Capital said it typically invests in businesses “focused on strategic assets and holding a strong market position.” Previous investments have included energy infrastructure development companies and services.
Windhoist director Hugh McNally resigned on 22 August and has left the company. McNally is the company’s second generation family founder. His replacement is Timothy Adams, “who has an engineering background and has spent his career employed in various roles in the renewable and maritime construction industries,” Star said.
Commenting on the deal Uniti Bhalla, Star managing partner, said, “We are delighted to have acquired Windhoist, which we believe is an excellent platform with a long history and a reputation for high quality and technical and commercial innovation. Under Star’s ownership, Windhoist will continue to demonstrate its commitment to the sector and will invest in expanding into adjacent service areas and markets, alongside its customers, both on- and off-shore.”