Permira Debt Managers ("PDM") announced that direct lending fund Permira Credit Solutions III (“PCS3”) had invested in the subordinated floating rate notes of Ziton, a specialist in offshore operations and maintenance services for wind turbine generators. This was a primary transaction, with PCS3 acting as sole subordinated lender, introduced to PCS3 through Pareto, with whom the PCS funds worked on a previous transaction, Nova Austral. The sponsor is BWB Partners, a Danish private equity firm focused on the Nordic small and middle market.
Ziton is the European market leader in providing offshore operations and maintenance services for wind turbine generators, with an estimated 71% market share. The company offers a full-service solution including maritime project planning and execution, life planning and execution, specialist tools and lifting equipment and technical specialists. The company has a unique proposition in that it owns and operates the only three dedicated operation and maintenance jack-up vessels in the market.
Ziton has built a strong customer base of original equipment manufacturers and wind farm operators, together accounting for more than 80% of the total installed wind turbine generators in Europe. Headquartered in Denmark, the Group today employs over 100 people and services over 700 turbines per year.