Bridgepoint Development Capital invests in LOC

The investment will be used to professionalise the business, build the company's market presence in emerging markets and open new offices.

BDC stated it was attracted to LOC given its favourable position in the oil & gas industry, which is set to benefit from continued increased capital expenditure, as well as in the shipping market.

Debt
Debt finance for the deal was provided by HSBC.

Company
LOC provides marine warranty surveys for the transport and installation of offshore equipment. Clients are typically oil & gas majors and national oil companies.

The company also provides marine casualty consultancy for protection and indemnity insurance clubs.

Founded in 1979 and headquartered in London, LOC operates through 30 offices globally. The company employs more than 400 people including master mariners, naval architects and marine and structural engineers.

People
Andrew Squire is CEO of LOC. Alan Payne is a partner at BDC.

Advisers
Equity – LEK, (Commercial due diligence); EY (Financial due diligence); Travers Smith (Legal); Marsh (Insurance due diligence); Intuitus (IT due diligence).
Company – KPMG (Corporate finance); Lawrence Graham (Legal).

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• UK / Ireland
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• United Kingdom