Acquisition of Videotel and Seagull
(Posted on 14/05/19)
Oakley Capital Investments Limited has announced that Oakley Capital IV2 has partnered with the management teams of SG MidCo AS (“Seagull”), and Videotel Marine Asia Limited and Super Dragon Limited, to acquire majority stakes in the businesses from their current shareholders Herkules Private Equity Fund IV and KVH Industries respectively.
Over the past 40 years, Videotel and Seagull have established themselves as the best-in-class providers of e-learning to the maritime sector globally. Every year they each provide over 10,000 ships and installations with comprehensive and up-to-date compliance, risk and safety training that ensures adherence to International Maritime Organisation requirements. In 2018, the two companies collectively generated $50 million of revenue.
The digital transformation taking place in the shipping industry, as well as the increasingly complex regulatory framework, offers a significant opportunity for e-Learning providers. The management teams of Seagull and Videotel believe that this opportunity can be grasped most effectively by working together as a combined group. With both parties able to collaborate and share knowledge and resources, the two businesses will be able to provide their respective customers with a greater level of product and services.
Apart from an enhanced investment plan, there will be no immediate operational changes in either company except that Oscar Johansen, Chairman and Founder of Seagull, will take up the role of President of the combined group. Roger Ringstad and Raal Harris will continue to lead Seagull and Videotel, respectively.
This transaction continues Oakley’s successful track record of investing in the maritime and education sectors. Oakley previously invested in Headland Media, a provider of media and entertainment services to the offshore and shipping sectors, while its current investments include North Sails, the largest sail maker in the world; Inspired, one of the leading global premium schools groups; Career Partner Group, the fast-growing private university in Germany; Schülerhilfe, Europe’s largest after-school tutoring business; and AMOS, one of the leading international business schools in France.
The acquisition of Videotel signed and completed simultaneously, whilst a gap of eight weeks was agreed between signing and completion of the acquisition of Seagull.
The Company's indirect contribution through its interest in Fund IV is expected to be approximately £25 million.
Houlihan Lokey acted as Oakley’s financial advisor in connection with the transaction.
Peter Dubens, Managing Partner of Oakley Capital commented: “We are delighted to be partnering with the management teams of Seagull and Videotel, two companies we have admired for many years. Both teams are exactly the type of highly-ambitious professionals we continually seek to back. We look forward to supporting them in their plans to invest in new content and technology solutions based on the wealth of internal expertise which can now be shared across the group.”
Roger Ringstad, Managing Director of Seagull commented: “As the shipping industry continues to make advancements in digitalisation, we see significant opportunities to further enhance the breadth and depth of products and services we offer our clients. In Videotel and Oakley we believe that we have the perfect partners to support us on that journey.”
Raal Harris, Managing Director of Videotel commented: “This is a historic moment in the history of maritime e-learning. In combining our expertise and sharing the additional resources that an ambitious and forward-thinking company like Oakley can provide, we will be able to meet the needs of our customers in ways never previously possible. We are confident that Oakley has assembled a team of unrivalled quality to take our companies forward and are excited about what the future holds.”
Latest News
Former INTERCARGO Chairman, Dr Spyros M Polemis, passes away
(Posted on 24/07/24)INTERCARGO, the association of dry bulk shipping companies, has released the following statement:&ldquo... Read more
Joint study of ammonia fuelled bulk carriers
(Posted on 22/07/24)ITOCHU Corporation, ClassNK, Nihon Shipyard Co., Ltd., and Maritime and Port Authority of Singapore (... Read more
WISTA UK celebrates 50 years of championing diversity and inclusion
(Posted on 22/07/24)The Women's International Shipping & Trading Association UK (WISTA UK) marked its 50th anniversary... Read more
Accidents on ships under scrutiny as InterManager submits statistics to IMO
(Posted on 16/07/24)Accidents onboard ships are not decreasing, according to latest accident statistics submitted to the... Read more
Solutions required for FuelEU Maritime rules compliance, says Columbia
(Posted on 16/07/24)Solutions must be in place to help ship owners with navigating the complex challenges of complying with... Read more
Boers committed to diversity with relocation of Filipino employees to Germany
(Posted on 16/07/24)Diversity and nurturing talent is high on the agenda for BCS Group – Boers Crew Services as it... Read more
INTERCARGO joins industry calls for IMO to amend flaws in CII
(Posted on 12/07/24)With discussions regarding the IMO’s (International Maritime Organization) Carbon Intensity Indicator... Read more
ICS Türkiye branch celebrates its inauguration in Istanbul
(Posted on 12/07/24)The Institute of Chartered Shipbrokers (ICS), the professional body for the commercial shipping industry... Read more
Columbia Group and Crowley forge strategic US alliance
(Posted on 12/07/24)Columbia Group and Crowley have signed a strategic cooperation agreement that broadens both companies... Read more
Inmarsat report advocates data sharing to address preventable incidents
(Posted on 04/07/24)The 2024 edition of The Future of Maritime Safety Report from Inmarsat Maritime, a Viasat company, reveals... Read more
