Sandbrook Capital and PSP Investments Announce Sale of Offshore Wind Pioneer Havfram to DEME
LONDON, MONTREAL, and OSLO, Norway, April 9, 2025 /PRNewswire/ -- Sandbrook Capital, a private investment firm focused on building leading climate infrastructure companies, and the Public Sector Pension Investment Board (PSP Investments), one of Canada's largest pension investors, today announced the signing of an agreement to sell Havfram, an international offshore wind infrastructure company, to DEME (Euronext: DEME), a global leader in offshore energy and marine engineering.
Established in 2021 through a strategic partnership between Sandbrook Capital and PSP Investments, Havfram was created to provide critical offshore wind installation capacity to the world's leading energy companies. Under their ownership, Havfram has evolved into a world-class operator of Wind Turbine Installation Vessels (WTIVs), with two state-of-the-art vessels currently under construction and a strong contract backlog to build some of the largest offshore wind farms.
"We partnered with PSP Investments to build Havfram because we saw a unique market opportunity to provide the state-of-the-art vessels required to build today's enormous offshore wind farms" said Christopher Hunt, Partner at Sandbrook Capital. "In just a few years, Havfram has become one of the most important players in the offshore wind industry. We are proud of what the team has achieved and the positive financial returns delivered to our investors. DEME will be an outstanding steward of the company in its next phase of growth."
"Our investment in Havfram reflects our broader capabilities and commitment to invest in assets essential to the renewables value chain, while generating strong risk-adjusted returns," said Sandiren Curthan, Managing Director and Global Head of Infrastructure Investments, PSP Investments. "We are proud to have partnered with Sandbrook Capital and with the Havfram team to build a fleet of next generation WTIVs."
"The support and long-term vision of Sandbrook Capital and PSP Investments have been instrumental in building Havfram into what it is today," said Ingrid Due-Gundersen, CEO of Havfram. "We're incredibly excited to join forces with DEME, a global leader with a shared mission to accelerate offshore wind deployment. Together, we will play a major role in enabling the energy transition around the world."
The transaction, valued at approximately € 900 million, is expected to close by the end of April 2025, subject to customary closing conditions.
Goldman Sachs served as financial advisors and Thommessen served as legal advisor to Sandbrook Capital and PSP Investments.
About Sandbrook Capital
Sandbrook Capital is a private investment firm dedicated to building the next generation of climate infrastructure companies. Founded by a team of seasoned investors and operators, Sandbrook partners with exceptional management teams to grow sustainable businesses that deliver attractive financial returns and meaningful climate benefits. For more information, visit www.sandbrook.com.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investors with C$264.9 billion of net assets under management as of 31 March 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.
About Havfram
Havfram is a Norwegian offshore wind installation company providing critical services to the global renewable energy industry. With two newbuild WTIVs under construction and a robust backlog, Havfram is positioned as a leading player in enabling the deployment of next-generation offshore wind farms. For more information, visit www.havfram.com.
Media contacts: PSP Investments, Charles Bonhomme, +1 438 465-1260, media@investpsp.ca; Sandbrook Capital, Daniel Yunger / James Hartwell, Kekst-Sandbrook@kekstcnc.com, 917.574.8582 / 917.842.9560
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