SeaChange Maritime has completed a private placement of $100m, the proceeds of which will be used to invest in expanding its fleet of container ships. The company, which is registered in the Marshall Islands and operates from offices in Miami, Fla., was formed in 2006 by former Sammy Ofer group executives Samuel Norton and Yariv Zghoul to serve as a leading supplier of container vessels for charter to integrated liner operators. Prior to forming SeaChange Maritime, Norton served as the senior executive officer of Tanker Pacific Management in Singapore and founded Tanker Pacific Offshore Terminals, a market leader in offshore storage and production solutions for the oil exploration industry.
The company is financially backed by blue-chip private equity firms and strategic investors, as well as its founders. The company has raised $220 million of debt and equity capital to date and is in the process of raising further funds for the purpose of acquiring additional tonnage and expanding its global operations. Capricorn Investment Group and Morgan Stanley Principal Investments were the lead investors in this private placement. Additional investors included funds managed by Ospraie Management LLC of New York and Ship Finance International.