AqualisBraemar has completed the acquisition of 100 percent shares in LOC Group.
AqualisBraemar has acquired 100 percent of the shares in Neptune Midco 1 from the ultimate parent company of the LOC Group, LOC Group Holdings, the shareholders of which include pan-European investment group Bridgepoint and key employees of LOC.
The purchase price consideration was a $20.2 million cash consideration plus two million conditional warrants in AqualisBraemar.
All conditions for completion of the transaction have been fulfilled, and the transaction has now been completed, AqualisBraemar informed.
“This is a great day for both AqualisBraemar and our clients. We effectively double the size of our group, which will benefit our customers through greater capacity, improved geographical footprint and a much more complete skills base. With both companies having similar profiles it also allows us to maintain our stated ambitious growth targets in support of the global energy transition.”David Wells, CEO in AqualisBraemar.
The combined group will have a total of 880 employees in 67 offices in 39 countries all over the world.
By joining the specialist renewable entities of AqualisBraemar’s offshore wind consultancy firm OWC and LOC Group’s Innosea and other renewable focused units, the combined group will double its size within renewables.
The group’s strategy is to grow through continued expansion in the rapidly growing offshore renewables industry, and leverage on its position within shipping and oil and gas markets, to support the global energy transition.
“Our objective is that 50 percent of our revenues should come from the renewables sector and other sustainability and CO2-reducing activities in 2025. Reducing the carbon intensity of the offshore oil and gas and shipping industries are also key to achieving the energy transition the world requires. We will continue to support all these industries to help make this energy transition happen.”David Wells.
AqualisBraemar and LOC Group will be trading separately until the latter part of April 2021. As resolved by the extraordinary general meeting held on 14 December 2020, the parent company of the group, AqualisBraemar, will change its name to AqualisBraemar LOC.