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Wavespec announces management buyout
(Posted on 06/04/21)
Wavespec, as the last technical entity within Braemar Shipping Services Plc, has announced that it is now under new ownership as a private entity.
Wavespec, a leading international provider of technical services, engineering and solutions to the gas processing, liquefied gas, renewable and marine industries, is now operating its United States, United Kingdom, Netherlands, and Singapore based offices under a new umbrella, Wavespec Holding, BV. Wavespec’s previous owner, Braemar Shipping Services PLC, elected in 2018 to exit its technical services businesses to focus more on their core shipbroking and related activities. At that time, Braemar made the decision to carve out and maintain Wavespec from its Braemar Technical Services Group (BTS). The BTS sale was completed in summer 2019, which then shifted Braemar’s focus on finding the right home for Wavespec.
Prior to the reorganisation to include Wavespec in the BTS Group, Wavespec primarily functioned independently for much of its 24 years under the Braemar umbrella. This new change of ownership is part of a strategic plan to allow Wavespec the structure it needs to prosper and grow. The new Wavespec Holding is backed by Cosmos SICAV Plc, an investment fund managed by Abalone Asset Management Ltd, committed to invest aggressively in the ‘energy transition.’
The re-born Wavespec is led by the seasoned management team comprised of Sheila McClain, Managing Partner, Constantyn Gieskes, Partner – LNG & Renewables, and Andy Bright, Partner – Marine Shipping Projects.
Sheila McClain, Managing Partner of Wavespec said: “We are delighted to announce this change in ownership, which is in line with our strategy of growing a more diverse technical consulting business. Going private with more access to the funds we need to expand the business will allow us to sustain current operations and grow with the demands of our clients’ changing needs. It represents the next chapter for our brand, while we maintain the existing services that we’ve provided our clientele for the past 28 years.”
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