FDC backs buy-in at marine services firm

A North Yorkshire-based marine services company has undergone a management buy-in, supported by a seven-figure loan from Frontier Development Capital (FDC).

ShipVet Services, which delivers safety, technical and environmental risk assessments for vessel charterers in oil, gas and commodities sectors, will see its leadership transition to a team led by James Stairmand. 

With over 20 years’ experience in commodities and a background in founding and selling the digital marketplace OnlineFuels, James will take on the role of chief commercial officer. Joining him as chief financial officer is Alan Duggan, an experienced executive in private equity-backed technology firms.

The buy-in team plans to drive growth by expanding ShipVet’s vetting team, enhancing its digital platform and boosting sales and marketing efforts. 

Founder and managing director Captain Fintan Cullen, who established ShipVet in 1997, will retain a stake in the company while continuing to lead its operations.

James said: “ShipVet sets itself apart from other services through its speedy response times and its use of former seafarers and vetting inspectors who really understand the issues and can provide an expert assessment. 

“Fintan and the team are doing a great job and have grown the business largely by word of mouth.

“We believe we can add value by continuing to provide solutions to existing customers and add new customers, whilst building scalable technology to benefit the maritime sector.”

Justin Sorby, investment director – SME at FDC, added: “Shipping underpins 80 per cent to 90 per cent of world trade, so maritime safety is critical and an ageing global tanker fleet and increased emphasis on environmental standards are driving demand for vetting services. 

“ShipVet has a solid 35-year reputation as a leading independent provider. The buy-in team bring complementary business skills and are an excellent fit with the existing team. 

“Together they are well-positioned to scale the business.”

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