FDC Backs Marine Services Company

ShipVet Services – a business that carries out safety, technical and environmental risk assessments for companies chartering vessels – has undergone a management buy-in backed by a seven-figure loan from Frontier Development Capital (FDC).

The deal gives control of the business to a team led by James Stairmand, who has over 20 years’ experience in the commodities sector and who founded and sold the digital marketplace OnlineFuels. James will be joined by Alan Duggan, who has held C-suite roles within private equity-backed technology companies.

Captain Fintan Cullen, who has owned and led ShipVet for over 25 years, will retain a stake in the business and continue in his role as Managing Director.

ShipVet, which is registered in Liverpool and has its head office in North Yorkshire, provides vital marine assurance services for oil, gas and commodities companies worldwide. Its team of former master mariners assess data and documents from multiple sources to check the safety and reliability of charter vessels and ensure they meet the relevant standards. The company provides a 24/7 service and can compile reports within hours.

Established in 1997, ShipVet has achieved double-digit revenue growth in each of the past three years. As part of its growth strategy, the new management plans to expand the size of the vetting team, enhance the company’s existing digital platform and step up its sales and marketing activity. The buy-in team was introduced to the business by Gerald Edelman Corporate Finance in London.

Following the transaction, James Stairmand will take on the role of Chief Commercial Officer, while Alan Duggan becomes Chief Financial Officer.

James Stairmand said: “ShipVet sets itself apart from other services through its speedy response times and its use of former seafarers and vetting inspectors who really understand the issues and can provide an expert assessment. Fintan and the team are doing a great job and have grown the business largely by word of mouth. We believe we can add value by continuing to provide solutions to existing customers and add new customers, whilst building scalable technology to benefit the maritime sector.”

Justin Sorby of FDC added: “Shipping underpins 80% to 90% of world trade so maritime safety is critical and an ageing global tanker fleet and increased emphasis on environmental standards are driving demand for vetting services. ShipVet has a solid 35-year reputation as a leading independent provider. The buy-in team bring complementary business skills and are an excellent fit with the existing team. Together they are well positioned to scale the business.”