Family-owned Craig Group, of Aberdeen, has sold its core North Star Shipping business to international investors Basalt Infrastructure Partners in a move described as “restructuring for a new era”.
"North Star Shipping has been acquired by Basalt Infrastructure Partners. The existing senior management team, staff and crew of North Star will remain with North Star, under the new owners," said a press release from the company.
"The opportunity arose to secure the long-term future of North Star Shipping under new ownership who could bring even more opportunity for further investment and growth. Given our rich maritime heritage, this is not a decision we have taken lightly, but it is one which makes sense for the Craig family and for the future development of North Star," said Douglas Craig, Chairman and Managing Director, Craig Group.
Craig Group will continue to own and manage its global oilfield procurement business, Craig International, and its golf retail outlet and driving range, Kings Links.
"I'm confident that the Craig Group is entering a new era which will present the next generation with some new and exciting opportunities. Please be assured that it is business as usual for all Craig International's and King’s Links staff, clients and suppliers and we remain committed to growing and investing in both businesses," he added.