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Bridgepoint in the News

31 October 2013

Bridgepoint Development Capital takes stake in marine and engineering consultancy LOC Group

Bridgepoint Development Capital (‘BDC’) has acquired a minority stake in LOC, the international provider of marine and engineering assurance services to the offshore oil & gas and marine markets. Financial details of the investment are 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 ("MWS") 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 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."

Debt funding for the transaction was provided by HSBC. Advisers involved in this transaction on behalf of BDC were: LEK (commercial DD), E&Y (financial DD), Travers Smith (legal), Marsh (insurance), Intuitus (IT); for LOC - KPMG (corporate finance), Lawrence Graham (legal).

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