HPEF IV invested in Seagull in June 2015. During HPEF IV’s ownership period, Seagull has experienced challenging end-markets with charter rates across its key customer segments at trough levels. Despite this, the company has achieved organic revenue growth and strong profitability improvement.

As part of the value creation plan, two add-ons were completed. The most recent acquisition, Tero Marine, closed in May 2019.

Due to strong cash generation, the company also managed to return substantial capital to its shareholders during the ownership period.