Calash Advises STAR Capital on the Acquisition of Subsea Technology & Rentals (STR)
Calash is pleased to announce that it provided commercial due diligence and independent market intelligence to STAR Capital Partnership LLP in support of its acquisition of Subsea Technology & Rentals (STR), a global provider of subsea sensor equipment, marine technology, and integrated offshore survey solutions.
What Does STR Do?
STR is a leading international provider of:
- Subsea sensors, positioning systems, and sonar technologies
- Survey and ROV equipment rental solutions
- Mission-critical subsea instrumentation used across offshore energy, subsea construction, marine science, and oceanographic research markets
The company manages a diversified, high specification global fleet from facilities in Aberdeen, Great Yarmouth, Houston, Perth, and Singapore, with a new Norway base opening in 2025 specification global fleet from facilities in Aberdeen, Great Yarmouth, Houston, Perth, and Singapore, with a new Norway base opening in 2025.specification global fleet from facilities in Aberdeen, Great Yarmouth, Houston, Perth, and Singapore, with a new Norway base opening in 2025.
STR supplies leading offshore engineering, subsea construction, and marine services companies operating across:
- Offshore oil & gas
- Offshore wind and renewables
- Subsea power and communications
- Marine infrastructure and environmental survey work
STAR Capital has acquired majority ownership through its STAR IV fund, alongside co-investors and STR’s management team. Baird Capital, which invested in 2022, has exited the business.
Growth Strategy and Investment Rationale
The investment will support STR to expand within the rapidly growing global offshore energy equipment rental and subsea survey technology markets through:
- Organic growth driven by expanding fleet capacity and new product innovation
- Strategic acquisitions
- Geographic expansion into Northern Europe
STR plans to increase its footprint with the opening of its Norway facility and further geographic expansion in 2025.
Calash’s Role: Transaction-Grade Commercial Due Diligence
Calash delivered a focused commercial due diligence (CDD) package for STAR Capital, including:
- Independent market review of subsea sensors, ROV survey equipment, and offshore geophysical solutions
- Analysis of global demand drivers across offshore wind, oil & gas, marine science, and subsea communications
- Competitive benchmarking across marine technology OEMs and specialist rental providers
- Customer procurement trends in survey instrumentation, oceanographic sensors, and subsea measurement tools
- Market sizing and growth outlook for offshore survey, inspection, trenching, and subsea asset integrity
- Identification of expansion opportunities aligned with STAR’s assets-as-a-service investment theme
This work supported STAR Capital’s acquisition and helped position STR for its next phase of growth.
Statement from STAR Capital
“We are thrilled to partner with STR and assist the company’s global growth ambitions. We were attracted to STR due to its innovation and solutions-based approach, providing highly technical and mission critical sensor equipment into offshore markets, which are set to continue expanding through investment into energy transformation, including subsea power and communications.
The characteristics of the business match our specialist rental and ‘assets as a service’ investment theme, and we are excited to support Steve and his talented team on their vision and growth strategy to benefit STR’s clients worldwide.”
Uniti Bhalla, Managing Partner, STAR Capital
About STAR Capital
STAR Capital is a private equity firm focused on building and developing businesses around strategic assets in Western Europe. Established in 1999, STAR invests in companies with strong competitive positions and enterprise values between €50 million and €1 billion, with an emphasis on:
- Infrastructure services
- Asset-backed operations
- Industrial and technical service providers
About Subsea Technology & Rentals (STR)
STR operates global engineering, service, and technology facilities in Aberdeen, Great Yarmouth, Houston, Perth, and Singapore, with a new Norwegian presence being established in 2025.
The business has nearly doubled headcount in the last three years to 110 employees, with plans to add an additional 20 staff through continued expansion and strategic acquisitions.
Its £1 million Global Technology and Innovation Centre of Excellence employs 22 design engineers and technicians focused on:
- Developing new subsea products for launch in 2025
- Advancing next generation marine sensors
- Displacing legacy subsea technologies with high performance challenger solutions
Accelerating innovation across survey, positioning, and underwater communications platforms
Read the full press release here
