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CHAMP Ventures, Harbourvest back marine logistics company Sea Swift

22 Oct 2012

CHAMP Ventures and HarbourVest Partners have acquired a majority interest in the Queensland, Australia‐based marine logistics company Sea Swift.

Sea Swift evolved as a result of the company’s founder, Sid Faithfull transferring his business activities from the Gulf of Carpentaria to Cairns in 1987. The original fleet of four vessels has since grown and Sea Swift now has more than 300 staff and 25 vessels, with current turnover of approximately A$100m.

Company CEO Fred White ,along with members of the senior management team, will acquire a stake in the business and he will assume the role as managing director under the new ownership.

“I would like to thank all our customers, clients, staff and partners for providing us with the amazing support to build Sea Swift’s business foundations over the last 25 years,” he said.

“We are now looking forward to partnering with CHAMP Ventures as we enter the next phase of our growth plans.”

Paul Readdy, CHAMP Ventures director, said, “We are delighted to partner with Sea Swift and assist in developing the next phase of a business that has a quality management team, strong safety and business systems, and excellent growth potential in the marine logistics industry.

“CHAMP Ventures has a strong track record for supporting the capital and strategic requirements of high‐growth companies, and Sea Swift is a great example of that.”

White said Sea Swift has a five‐year horizon to improve marine cargo and project services associated with coastal communities and infrastructure projects.

“This agreement with CHAMP Ventures will allow us to continue to grow and expand our operation around Queensland, northern Australia and beyond,” he added.

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