Inspirit backs Lloyds Register Group's energy division

The firm is currently deploying from its Inspirit Fund I, which closed on £50m in December 2019.

The fund writes equity cheques of £2-10m for UK SMEs with revenues greater than £20m and enterprise values of up to £50m, including acquisition finance.

Following the transaction, the division will be a standalone business and the management team will stay on with the company.

Market activity and pricing levels for the business failed to recover from the global downturn in the oil and gas sector, according to the company's accounts for the year ending on 30 June 2019. An extensive portfolio review was then launched to assess business performance and market potential across the existing offering. A new leadership team and organisational structure were introduced to reduce overheads and retrench from markets and geographies where services had commoditised, according to the accounts.

Company
Headquartered in London, the energy division of Lloyds Register is an engineering consultancy that offers technical, regulatory and operational advice on industrial assets, energy assets, the energy transition and rail infrastructure. The business posted revenues of approximately £115m in the latest financial year and has operating hubs in North America, Europe, the Middle East, Asia and Australia. It was founded in 2012.

People
Inspirit Capital – Will Stamp, Albert Farrant (founding partners).

Advisers
Equity – Mayer Brown (legal).

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• Topics
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