Searchlight backs Singapore’s Synergy Marine Group
US-based Searchlight Capital Partners has taken a minority stake in Singapore’s Synergy Marine Group, a shipping fleet manager and maritime services provider, for an undisclosed sum.
Synergy claims to be the fourth-largest ship manager globally with about 500 vessels under technical management, including tankers, dry bulk, containers and gas carriers. It operates out of about 25 offices in 13 countries, employing more than 1,800 people.
The portfolio of services features regulatory compliance, maintenance, procurement and remote systems monitoring, as well as crew sourcing, payroll, training, and seafarer health and wellness support. There is also a decarbonisation services business that includes the installation of energy-saving devices.
Searchlight said its experience in digital transformation would help the company accelerate growth and contribute to the advancement of the broader shipping industry. The firm's operations team includes six senior advisors and four operating partners.
“[T]o be able to further continue creating incremental value for our clients, we need to look at newer operating models focused on a value-driven partnership as opposed to the present vendor mindset in the ship management industry,” Rajesh Unni, founder and CEO of Synergy, said in a statement.
“Amongst other things, this could be driven by digitalisation especially considering the increased regulatory complexity and ever-growing ESG [environmental, social, and governance] considerations. Hence, we are excited to partner with Searchlight.”
Searchlight invests globally via offices in New York, London, and Toronto with about USD 10bn in assets under management. It engaged James Redmayne, formerly with CVC Capital Partners in Asia, as a London-based partner in 2020.
“At Searchlight we seek to partner with likeminded founders of market-leading businesses that are focused on delivering consistently high-quality services to their customers – and with Synergy and Captain Unni we have found the perfect match,” Redmayne added.
“This management team, built over many years, has a highly impressive track record of both organic and acquisitive growth and together we look forward to continuing Synergy’s development, while ensuring delivery of the mission to continually improve the shipping industry for all participants.”
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