MBO completed at marine services firm – funding from Frontier Development
ShipVet Services, a company specializing in safety, technical, and environmental risk assessments for maritime operations, has recently completed a management buyout. This significant transition is backed by a seven-figure loan from Frontier Development Capital (FDC). The buyout marks a new chapter for the company, which has been a trusted name in the maritime industry since its establishment in 1997. The new management team, led by James Stairmand, aims to enhance the company’s offerings and expand its market reach.
Leadership Transition and Experience
The management buyout places control of ShipVet Services in the hands of James Stairmand, who brings over 20 years of experience in the commodities sector. Stairmand is known for founding and successfully selling the digital marketplace OnlineFuels. His extensive background in the industry positions him well to lead ShipVet into its next phase of growth. He will be joined by Alan Duggan, who has held executive roles in private equity-backed technology firms. Together, they form a dynamic leadership team poised to drive the company forward.
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Captain Fintan Cullen, the previous owner and managing director of ShipVet, will retain a stake in the business and continue to play a crucial role in its operations. Cullen has led ShipVet for more than 25 years, contributing to its strong reputation in the maritime sector. Under his guidance, the company has achieved impressive double-digit revenue growth for three consecutive years. This continuity in leadership will help maintain the company’s established relationships while the new management team implements its growth strategy.
Strategic Growth Plans and Market Demand
The new management team has ambitious plans to expand ShipVet’s operations. They aim to increase the size of the vetting team, enhance the existing digital platform, and ramp up sales and marketing efforts. James Stairmand emphasized that ShipVet distinguishes itself from competitors through its quick response times and the expertise of its team, which includes former seafarers and vetting inspectors. This unique approach allows the company to deliver expert assessments that meet the specific needs of its clients.
Justin Sorby from FDC highlighted the critical importance of maritime safety, noting that shipping accounts for 80 to 90 percent of global trade. The demand for vetting services is rising due to an aging global tanker fleet and stricter environmental standards. ShipVet’s established reputation as a leading independent provider positions it well to capitalize on this growing market demand. The new management team is committed to adding value for existing customers while attracting new clients, all while leveraging scalable technology to enhance service delivery in the maritime sector.
With its head office in Richmond, North Yorkshire, and a registered office in Sunbury-on-Thames, ShipVet Services provides marine assurance services to oil, gas, and commodities companies worldwide. The company’s team of former master mariners assesses data and documents from various sources to ensure the safety and reliability of charter vessels. They offer a 24/7 service and can compile reports within hours, reinforcing ShipVet’s commitment to excellence in maritime safety.
