Bridgepoint Development Capital has sold LOC Group to AqualisBraemar
LOC Group, founded in 1979, is an international marine and engineering consulting firm that operates under four brand names: LOC, Innosea, Longitude and JLA (John LeBourhis).
LOC operates in the shipping, oil and gas and renewables sectors, providing loss prevention and loss management services, as well as marine and engineering consultancy services. Innosea is an independent engineering firm that specializes in the renewables sector. Longitude provides independent engineering and design consulting to the shipping, oil and gas and renewables sectors, while JLA delivers rig-related approval services around the globe.
The combined group will be a leading global independent offshore energy and marine consultancy firm. It will have a total of 880 employees in 85 offices across 39 countries all over the world.
Lincoln International was retained as the sole sell-side financial advisor for this transaction. Lincoln worked closely with LOC Group’s management to develop a compelling investment thesis and assisted Bridgepoint Development Capital and management during negotiation and due diligence stages.
Dr R. V. Ahilan, Chief Executive Officer of LOC Group, commented, “The consulting space within marine and offshore energy – including renewables and oil and gas – is ripe for consolidation. Our customers’ needs are rapidly evolving, with many branching out into new energy sources. Our track record of innovation, increased scale and wider global footprint will cater for those requirements.”
I was impressed with the sustained commitment from Lincoln during this process and their ability to secure interest from excellent potential strategic partners. This was crucial to enable the business to focus on operations while driving the transaction to a successful conclusion.
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