EY advises shareholders of Adonis in the sale to Bleecker Street Group

On the 22 August 2024, it was announced that EY’s dedicated technology corporate finance team acted as financial advisor to the shareholders of Adonis AS (“Adonis”), which includes its founders and Norwegian family offices Hatteland Holding and Caiano, in the combined 70 % divestment of shares and private placement from Bleecker Street Group LLC (“BSG”).

Adonis is a Norwegian-based maritime software company founded in 1988. Its operations are centered around HR for seafarers, specialising in planning and payroll modules. Through years of development, the company has obtained a market-leading position within the global cruise segment, supported by a strong foothold within other maritime segments. As part of the transaction, Adonis also acquired the fleet management software provider Shipadmin AS, which has significant presence within offshore and energy segments.

BSG was established in 2023 in New York and is a specialised investment vehicle founded by former KKR and Peloton professionals, focusing on the maritime software market. Adonis marks their third investment within the space, and it is envisioned post-transaction that Adonis will be integrated with Ripple Operations, another BSG portfolio company.

The deal team comprised of:

Corporate Finance: Ole Conrad Siem (EP), Eirik Hanevik (EM), Christian Sandbeck Walther, Zain Hussain, Tobias Jensen

Learn more about the transaction here and here.

Below is a selection of recent transactions supported by EY, and you can also find a more extensive list on our Strategy and Transactions page.