US-based Chatsworth Securities has joined forces with ONEX Elefsis Shipyards to become a shareholder and the exclusive investment bank for the company’s capital needs
The investment bank was founded over 20 years ago by Wall Street veterans.
ONEX Elefsis Shipyards has agreed to acquire the second biggest shipyard in Greece through Greek Bankruptcy Law and a rehabilitation plan expected to be approved by the Greek Courts within three to six months.
The shipyard company is working with the Greek Government and creditors to restart the shipyard as successfully as another ONEX Group company did in the case of Neorion Syros Shipyards. The whole deal will exceed US$400M within the next 15 years. This is the biggest turnaround in the history of Greek shipyards and one of the biggest in European history.
Chatsworth, which deals exclusively with institutions and family offices, has raised over US$3Bn of capital in IPOs, secondary offerings, corporate capital raises and traditional and alternative asset management firms. Chatsworth maintains strong relationships with institutional investors, including pension funds, endowments, foundations, insurance companies, hedge funds and family offices.
Chatsworth’s areas of industry focus include shipping, biotechnology, property, insurance, transportation, financial, capital markets, asset backed lending, alternative energy, oil & gas.
Chatsworth managing director and one of the original founders Ralph Di Fiore commented “This is a very important co-operation for our group. By joining ONEX Elefsis Shipyards with an economic stake in the company our commitment to its success is paramount. Once more we are pleased that the company selected Chatsworth as its exclusive investment bank. ONEX Shipyards is a very successful group which transforms bankrupted and closed shipyards, by creating international competitive advantages, by creating new well-paid jobs and by improving services above industry’s standards through innovation, speed and quality. We have seen the generation of added value that will be beneficial for our company, partners and shareholders. We trust and believe the ONEX Shipyards founder and chief executive Panos Xenokostas, who stated ’I have a vision to create a global brand that will enhance the business prospects and reputation of Greece as a destination for shipping services and we are very excited for the future’".
Mr Xenokostas commented “Chatsworth joins our journey and we are very happy about that. Its network, financial strength and expertise in raising capital is adding value to our organisation and helping to unlock the group’s prospects. Our job is to recreate Greek shipyards that were in decline for decades. That is “Phase 1” in our plans. We started with Neorion in Syros and we continue with Elefsina. Neorion was a game-changer in the industry. We are very proud of our shipyards’ workers, technicians, engineers and experts who are working hard and smart to make our shipyards the first choice of excellence to global shipowners.”