Sandbrook Capital achieved its first exit with the $1.02 billion (€900 million) sale of Norwegian offshore wind services provider Havfram to Belgian engineering firm Deme Group. Backed by Sandbrook and Canada’s Public Sector Pension Investment Board since 2021 with a $500 million investment, Havfram operates vessels used in installing massive offshore wind turbines. This exit delivered an internal rate of return around 25%, despite a broader slowdown in European private-equity exits. Initially planning to exit after deploying two China-built vessels, Sandbrook was approached by strategic buyers offering a strong price before the vessels were operational. The deal underscores Europe’s vigorous push into renewable energy, where regulatory and geographic factors favor offshore wind projects. The EU plans to triple offshore wind capacity to 111 GW by 2030. Havfram has €600 million in project contracts and its ships are seen as critical assets in the high-barrier-to-entry market. In contrast, the U.S. wind sector has battled regulatory and political headwinds. Nevertheless, Sandbrook continues investing in U.S. renewables including rPlus Energies and Intellirent. Co-founder Alfredo Marti emphasized Europe’s diversified regulatory environment as a strategic advantage.
