Private equity firm Bridgepoint Development Capital (BDC) has acquired a minority stake in marine and engineering consultancy LOC Group, which serves the offshore oil and gas markets.
London-headquartered LOC Group operates from 30 offices across the globe and is currently a top three global provider of marine warranty surveys for the transport and installation of offshore equipment.
BDC 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.”
LOC said that BDC 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’s recent deals include the acquisition of Polish biscuit manufacturer Dr Gerard from Groupe Poult of France.
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