STJ Advisors acted as the dual-track advisor to Oaktree Capital Management on its exit process from Sølvtrans, the only global wellboat operator present in all key salmon farming markets, and the world’s largest and most modern fleet of wellboats, which resulted in its acquisition by Antin Infrastructure Partners. Wellboat services are critical to the salmon value chain; providing live fish and waste transport, fish harvesting, as well as fish health treatments.
STJ coordinated and managed the process to select the best banks for both the IPO and M&A tracks, including a targeted RFP process and bespoke investor targeting exercise of key IPO and M&A targets. STJ’s strategy to select the best group of banks to manage each track – with a specific focus – was crucial to ensure competitive tension in the syndicate and drive towards the optimal outcome, that ultimately came through a sale. STJ was able to create a syndicate structure that accommodated two leading Norwegian banks with expertise in the sector alongside a leading international bank which facilitated access to the widest group of investors. By ensuring competitive tension between the IPO and M&A tracks, the eventual exit was achieved efficiently and at a desirable price.
STJ created a best-in-class equity story document ahead of reaching out to the banks that proved critical to align the banks’ positioning, especially the international banks that were less familiar with sub-sector. This key document formed the basis for further documentation in Oaktree’s exit process (namely, the Information Memorandum and Early Look Presentation).
This transaction is:
- STJ’s 16th transaction in the Nordic region in the 10 years since our inception
- STJ’s 8th transaction advising Oaktree Capital Management since our inception