EnTrust Global's Blue Ocean Reaches Agreement to Acquire Offshore Merchant Partners
The Blue Ocean Funds managed by EnTrust Global ("EnTrust"), a leading alternative asset management firm, today announced their agreement to acquire Offshore Merchant Partners ("OMP"), an alternative investment fund manager in the maritime and energy industries. The Sale and Purchase Agreement has been signed and the transaction is expected to close in Q1, 2024.
Since inception in 2013, OMP has successfully deployed approximately USD 700 million across credit, leasing, and structured equity instruments. Based in Oslo, Norway, OMP provides capital to maritime transportation and energy service assets through bespoke structured equity and credit instruments.
This transaction follows a period of strong growth for the Blue Ocean strategy, which closed out its first Funds with approximately $3 billion raised. Blue Ocean has already raised more than $1 billion in the initial phase for its second offering, above the initial target. The strategy has shown strong performance throughout and the team now consists of 17 investment professionals, soon to increase with the OMP transaction, an important milestone for EnTrust's expansion.
Svein Engh, Senior Managing Director and Portfolio Manager of the Blue Ocean Funds, said: "Following the successful acquisition of Maas Capital in 2021, the pending OMP acquisition is another outcome of the Blue Ocean team's ability to execute sizeable and complex transactions. These acquisitions and strong organic growth have resulted in the deployment of around $4 billion since the inception of EnTrust Global's Blue Ocean Strategy."
Omer Donnerstein, Managing Director and Co-Portfolio Manager of the Blue Ocean Funds, said: "The agreed transaction with OMP involves the acquisition of a high-quality structured portfolio and skilled team. This will enable the Blue Ocean team to expand its presence in the maritime and energy industry, while tapping into key talent in Oslo, Norway."
Gregg S. Hymowitz, Chairman and CEO of EnTrust Global, said: "The overall success and growth of Blue Ocean is a direct consequence of the clear focus on the maritime industry and the strong team and culture that has been cultivated within EnTrust Global over the past 8 years."
About EnTrust Global
EnTrust Global is a leading alternative asset management firm with approximately $17.2 billion in total assets.* Co-founded in 1997 by Chairman and CEO Gregg S. Hymowitz, the firm manages assets for over 500 institutional investors representing 48 countries and has approximately $11 billion in customized strategic partnerships. EnTrust Global offers a diverse range of alternative investment opportunities across strategies, including private debt and real assets as well as opportunistic co-investments and direct investments. EnTrust Global has 11 offices worldwide and is headquartered in New York and London.
*As of June 30, 2023. Total Assets which may be based on estimates and includes mandates awarded but not yet funded, includes amounts distributed to investors and contractually subject to recall, and where EnTrust Global provides non-discretionary investment advisory services.
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