Calash is pleased to announce that it provided commercial due diligence to MML Ireland on its investment into Mainport Shipping, an integrated marine services business that charters survey support vessels to global geo data specialists in the international offshore energy sector, alongside Irish Mainport Holdings (IMH).
Cork-headquartered Mainport Shipping, which will remain majority-owned by its parent IMH, currently operates a fleet of three survey support vessels (Mainport Cedar, Mainport Pine and Mainport Geo), will see the Mainport Edge join its fleet in early 2024, alongside two tugboats (Celtic Treaty and Celtic Fergus). MML Ireland’s investment will primarily support the purchase of the newbuild 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.
Calash provided commercial due diligence on the deal on behalf of MML Ireland. Commercial due diligence included reviewing the target’s business activities and pipeline, market sizing, service demand from existing and adjacent markets, and a technical review of its fleet additions.
The Calash team included John Corbett, Callum Evett, David Wilson, and Mario Petrov.
“Irish Mainport Holdings and Mainport Shipping are strong businesses with proud heritages and exceptional reputations and are a great example of a successful multi-generational family business. Dave Ronayne and the management team are passionate about the business and have a proven track record of delivering growth. We are delighted to be investing and partnering with them and are keen to invest further to allow this business to achieve its exciting potential.”
Shane Cooke, Investment Director, MML Ireland
Read the full press release Here
MML Capital Ireland is a private equity firm dedicated to supporting Irish SMEs. It partners and supports ambitious founders and managers on the island of Ireland to reach the next stage of their evolution either organically or through acquisition both domestically and internationally.
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.