CHAMP Ventures in marine logistics buyout
CHAMP Ventures as acquired a majority interest in Sea Swift, an Australian marine logistics company that delivers supplies to remote island and coastal communities and resource development outposts. HarbourVest Partners is participating as a co-investor.
Founded in 1987, Queensland-based Sea Swift's fleet has grown from four vessels to 25, with a staff of 300. Annual turnover is approximately A$100 million ($103 million). CEO Fred White said that CHAMP Ventures' investment would allow the company to realize is growth plans.
As part of the transaction, White and members of the senior management team will acquire a stake in the business, and he will assume the role of managing director.
"We are delighted to partner with Sea Swift and assist in developing the next phase of a business that has a quality management team, strong safety and business systems, and excellent growth potential in the marine logistics industry," said Paul Readdy, a director at CHAMP Ventures.
The Australian venture capital firm closed its most recent fund, CHAMP Ventures Investments Trust No. 7, at A$475 million ($483 million) despite a challenging fundraising environment. In August, it completed the fund's third investment, the acquisition of a majority interest in Ansett Aviation Centre.
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