ZITON

Sector:

ZITON is the European market leader in providing offshore major component replacement for wind turbine generators

Business Overview

  • Headquartered in Denmark, ZITON is the European market leader in providing offshore major component replacement for wind turbine generators, with an estimated 71% market share. The Group today employs over 100 people and has serviced over 700 turbines
  • The company offers a full-service solution including maritime project planning and execution, lift 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 accounting for more than 80% of the total installed wind turbine generators in Europe. Customers include both original equipment manufacturers and wind farm operators

Investment Thesis

  • Clear European market leader, having completed 71% of projects in the market over the past two years
  • Strong market fundamentals driven by a growing base of wind turbine installations, ageing turbines and blade repairs
  • Longstanding customer relationships with the four largest European offshore wind farm customers, accounting for more than 80% of installed wind turbine generators
  • High visibility over demand for service requirements, due to the number of installed wind turbine generators offshore and expected failure rate requiring on-site repair

Origination

  • Originated through Pareto, with whom the PCS funds worked on a previous transaction, Nova Austral

  • Primary transaction
  • Sole subordinated lender

https://www.ziton.eu/