Nordic Capital invests in Master Marine

Mid-market private equity firm Nordic Capital has taken a majority stake in Master Marine, an offshore energy service company headquartered in Norway, through its subsidiary Nordic Ocean.

The investment is part of a recapitalization of Master Marine which will see an injection of €130m of new equity and €140m of senior secured loans, with Nordic Ocean also acquiring the outstanding High Yield Bond at an aggregate price of €30m convertible to equity later on, which will give Nordic Capital an 89% interest in the business.

The capital raised will allow Master Marine to complete the construction of two Service Jack vessels currently underway in Indonesia.