Irish Mainport Holdings Limited (“IMH”) today announced that it has agreed a multi-million euro equity investment from MML Growth Capital Partners Ireland Limited (“MML”) into Mainport Shipping Limited.
Mainport Shipping is an integrated marine services business that charters survey support vessels to global geo data specialists in the international offshore energy sector. In addition, it provides towage services across various ports within the Shannon Estuary. The deal will see MML become a significant minority shareholder in the Company alongside IMH.
The funds will initially support the purchase of the newly built survey support vessel, the Mainport Edge, for c.€16m. The remaining capital will be used to fund the acquisition of additional survey support vessels to meet the rapid growth and demand stemming from the offshore wind sector which is being driven by energy security and the transition towards cleaner sources of electricity.
Offshore wind is one of the lowest-cost, low-carbon energy sources that can be delivered at scale and will be a key element to the global energy transition to 2050. The purchase of the Mainport Edge and additional vessels will enable the Company to become a significant player and charterer of survey support vessels, which are a key requirement in the development and ongoing operation of offshore wind infrastructure. The Company currently operates one of the most modern survey support fleets to high international standards and has significant expansion ambitions.
The investment is being made from the MML Growth Capital Partners Ireland Fund II, a €145 million fund supported by the Ireland Strategic Investment Fund, AIB and a number of international institutional investors. The fund is dedicated to backing small and medium-sized private businesses originating on the island of Ireland.
IMH was founded in 1957 to provide ship chartering for imports into Ireland. Over the years, the business has evolved and now has ship chartering operations around the world. IMH is headquartered in Cork and remains owned by the Ronayne family and is led by Dave Ronayne (CEO), who has overseen the expansion of the business over the past 35+ years. Mainport Shipping will continue to be majority owned by IMH and led by Dave Ronayne, supported by a management team with extensive marine experience.
The Company currently operates a fleet of three survey support vessels (Mainport Cedar, Mainport Pine and Mainport Geo), which the Mainport Edge will join in early 2024 and two tugboats (Celtic Treaty and Celtic Fergus).
“We are delighted with this investment from MML as it will allow us to buy more ships for the expanding offshore wind sector. Our target market is Europe, and we will return to Ireland with an experienced track record when Ireland needs our ships”, said Ronayne.
