LOC Group secures investment from Bridgepoint Development CapitalCompany News // November 1, 2013
LOC Group Ltd (incorporating London Offshore Consultants) has secured a minority external investment from Bridgepoint Development Capital (BDC). The financial details of the investment were not disclosed.
Established in 1979, LOC Group operates from 30 offices located around the globe across six continents and is owned by its employees using a quasi-partnership model. Headquartered in London, LOC employs over 400 staff including master mariners, naval architects, and marine and structural engineers. In its energy division, LOC is a top three global provider of marine warranty surveys for the transport and installation of offshore capital equipment with customers comprising oil & gas majors, independents and national oil companies.
In shipping, LOC is the market leader in marine casualty consultancy for Protection and Indemnity (P&I) insurance clubs in high profile incidents and dispute cases with marine casualty response experts based throughout its global network.
LOC Group CEO Andrew Squire said: “We very much welcome BDC as a new shareholder as they will be able to provide insight as we further professionalise our business, build market presence, especially in the emerging markets, and open new offices to expand our international capability.”
Bridgepoint Development Capital partner Alan Payne said: “In making this investment BDC is providing the capital for LOC to enfranchise its younger generation of managers with equity in the business. We are also recognising LOC’s future growth prospects that are underpinned by increased global oil & gas capital expenditure as well as the growing shipping market.”
There will be no change to the existing management team and the company will be led by the same personnel.