Stout Advises Braemar on Sale of Wavespec

April 06, 2021

Stout has advised Braemar Shipping Services PLC (“Braemar” LSE: BMS) on the sale of Braemar Wavespec (“Wavespec”) to Wavespec Holding BV (the “Buyer”). Stout served as the exclusive financial advisor to Braemar on this transaction.

Wavespec provides engineering and other expert consultancy services and solutions to the gas processing, liquefied natural gas (LNG), and marine industries. The Buyer is financed by Cosmos Sicav PLC, an investment fund managed by Abalone Asset Management Ltd, who have committed to invest in energy transition.

Braemar is a leading international provider of shipbroking, financial, engineering, and logistics services to the shipping, marine, energy, and offshore industries. Wavespec formed part of the Braemar’s Engineering Division; however, as part of Braemar’s new strategy centred upon shipbroking, it was decided to divest Wavespec.

Commenting on the transaction, James Gundy, CEO of Braemar, said:
“The disposal of Wavespec is in line with our stated strategy of refocusing Braemar on its shipbroking core and I am therefore pleased that we have been able to find suitable buyers for Wavespec. We look forward to continuing to work with them under their new ownership and seeing the business thrive.”

Nick Stone, CFO of Braemar, added, “The team at Stout were instrumental in delivering a successful outcome, and we thank them for their hard work and assistance on this complex, multi-jurisdictional transaction.”

“We are delighted to have advised Braemar on another successful transaction,” said Jon Howells, Managing Director and Head of Stout’s London Office. “Wavespec is well-positioned to move forward in its next chapter, focussing on its core LNG engineering capability and expanding Wavespec’s global footprint.”

Braemar was advised by Jon Howells, Sven Garås, and Will Gamon at Stout. Legal advice was provided by Simon Evers at Crowell & Moring LLP.

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Stout Park Ltd is an Appointed Representative of Sturgeon Ventures LLP who is authorised and regulated by the Financial Conduct Authority FRN # 452811.