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Yorkshire advisers help with partial sale of crew transfer vessel business
A team of Yorkshire advisers has assisted the shareholders of crew transfer vessel specialist Mainprize Offshore on its partial sale to private equity fund Alcuin Capital Partners, together with the re-financing of its fleet with Siemens Financial Services.
Alcuin has partnered with Scarborough-based Mainprize Offshore to help drive its growth plans, expand its fleet and take full advantage of the market opportunity. The current directors and founders of the business, Bob and Sharon Mainprize, will continue to operate and grow the business alongside Alcuin and the senior management team. Bob Mainprize said: “We are very grateful to Philip, Stephen and their respective teams at Andrew Jackson and Azets for all the support and hard work they have put in over the last few months and years to facilitate this significant investment in the growth and development of our business.” Philip Ashworth, corporate partner at Andrew Jackson, said: “It has been a pleasure to act for Bob, Sharon and their team and we are confident that they will go from strength to strength. “The complexity of a private equity and debt funding deal was added to by the multi-flag vessel fleet operated by Mainprize.” Stephen Garbett, corporate finance partner at Azets, added: “This transaction not only underscores its leading position in the crew transfer vessel market within the burgeoning offshore renewables sector, but also recognises the family’s considerable contributions to date. “This partnership marks a significant milestone for Mainprize Offshore, setting the stage for accelerated growth and innovation in the renewable energy sector with ambitious plans for new vessel builds.” Nick Seaman, partner at Alcuin Capital, said: “Mainprize Offshore is a leader in the European CTV market and we are delighted to have partnered with Bob, Sharon and the wider team. The business enjoys strong relationships with several of the largest global wind farm developers and operators, and will play a key role in supporting the rollout of European offshore wind and the transition to net zero. Azets has offices in Leeds, Bradford and York. Andrew Jackson has offices in York, Hull, Grimsby and Scarborough. The shareholders of Mainprize Offshore were advised by a team from Andrew Jackson Solicitors LLP comprising Philip Ashworth, Matthew Smith and Nicole Waldron (corporate); Fiona Phillips (tax); Robert Hill (property); Dominic Ward and Rebecca Forder (shipping); and Nick Wilson (employment). Members of the Yorkshire-based corporate finance team from Azets were Stephen Garbett and Martin Miller (corporate finance), Steve Holmes (corporate tax), and Richard Whitelock (employment taxes). Alcuin were advised by a team from Stephenson Harwood led by Sam Gray and Gerald Seeto.Sheffield clean energy firm builds and installs first-of-a-kind equipment in Japan
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Major milestone reached in new Leeds city centre PBSA development
A new purpose-built student accommodation scheme being built in the heart of Leeds city centre’s Arena Quarter has topped out and the scaffolding has now come down to reveal the new Merrion Street landmark, ahead of the development opening this summer.
The part five, part seven and part nine storey building has been designed by Brewster Bye Architects and is being delivered by Urban Developments (York) Ltd on a site previously occupied by a bar and nightclub.
In late 2022, Q Investment Partners (QIP), the Singapore headquartered private equity real estate firm, acquired the scheme in a deal worth approximately £15million.
James Coppack, from QIP Development Group, said: “We are very proud of our recent collaboration with Urban Group that included a strategic revamp of our product standards as we continue to best position our upcoming UK PBSA developments. This Leeds asset will be an important addition to our expanding student housing platform.”
Once complete the development will offer 88 high specification studio apartments with associated amenities, including a lounge, gym, study rooms, a cinema room, laundry facilities, staffed reception area and cycle spaces, and will be operated by Prestige Student Living.
Nick Gould from Urban Developments (York) Ltd said: “Work on this development is progressing well which is testament to the strength and experience of the whole development team and everyone involved is pleased to reach these important construction milestones.
“We’re now looking forward to completing the internal fit-out and are on track to hand the development over to QIP this summer, with students moving in for the start of the 2024/25 academic year.”
Mark Henderson, a director from Brewster Bye, said: “After designing the scheme and securing planning permission for it in 2022, it’s brilliant to see it heading towards completion and now the scaffolding is down, it’s revealed the façade and high-quality materials that are a key feature of the development.
“It’s also rewarding to see how its stepped design complements the surrounding streetscape, in such a great location, just a short walk from the universities and surrounded by bars, restaurants and shops, which will make it a very popular place to live.”