Equistone to exit OneOcean in sale to Lloyd's Register

Ero Partsakoulaki
20 June 2022

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Equistone Partners has agreed to exit OneOcean, a UK-based supplier of voyage compliance, safety and environmental solutions, via a sale to Lloydтs Register (LR), a global provider of maritime professional services.

The transaction is the third exit announced by the mid-market firm's UK team so far this year, following the sale of FirstPort, a residential property services company, and Team ITG, a technology-led, multichannel marketing activation business, according to a press release.

The business was expected to be marketed off 2022 EBTIDA of around USD 20m in a sale run by Raymond James, Mergermarket reported last year.

OneOcean was created by the merger of ChartCo, in which Equistone first invested at a valuation of GBP 55m in 2016, and Marine Press, which the sponsor acquired in 2019 also via its Equistone Partners Europe Fund V. The fund held a final close on its hard-cap of EUR 2bn in April 2015, according to Unquote Data.

Under Equistone's ownership, OneOcean made four acquisitions, two divestments and a merger, while shifting from being a product distributor to become a software solutions provider. The company is set to expand LR's offering in the digital fleet management space, as well as vessel performance and optimisation portfolios.

Company
OneOcean is a global supplier of voyage solutions for the maritime industry. Its solutions are currently used by more than 16,000 vessels to support and optimise compliance, safety and environment, increasing transparency and simplifying complex regulations and tasks to enable teams to work more transparently for efficiency and decision making. Its software enables decision-making through better data visibility. With a portfolio that encompasses navigation, QHSE, data solutions and environmental planning, OneOcean customers have access to real-time information to plan voyages.

People
OneOcean − Martin Taylor (CEO).
Equistone − Tim Swales (partner).
LR Group − Nick Brown (CEO).

Advisers
Vendor − Raymond James (M&A).
LR Group − JP Morgan (M&A); Freshfields (legal), KPMG (accounting due diligence).