KKR-backed credit platform Pillarstone has bolstered its focus on opportunities in the shipping industry with the hire of Jens Martin Jensen as a partner.
Jensen joins the platform from the shipping industry having previously served as chief executive of Frontline Management, a Stockholm-listed tanker company. Across a 30-year career in the industry, he has also held roles at Island Shipbrokers and AP Moller Maersk Group, where he started his career.
In his latest role, Jensen will be responsible for sourcing investment opportunities in the industry and will report to Pillarstone chief executive John Davison.
On the appointment, Davison said: “Shipping businesses in Europe, and the banks that lend to them, need solutions that can help them address today’s challenging market conditions.
“By drawing on his longstanding experience and our relationship with our banking partners, Pillarstone will be able to offer a unique combination of fresh capital and industry expertise that they need to help them and grow,” he added.
Earlier this year, Pillarstone backed Premuda with an injection of capital to support the Italian shipping company’s restructuring. It already has a presence in Italy having partnered with UniCredit and Intesa Sanpaolo to assist with managing their underperforming assets. Following the latest transaction, Banca Cariage is the latest Italian bank to work with Pillarstone.
In May, the firm took over the management of a portfolio of non-performing loan books valued at €1.2 billion from Greek banks Alpha Bank and Eurobank. And in August, the firm announced the appointment of Paul Brameley as chief operating officer. He joined from the hedge fund Sand Grove Capital Management.