LLOYD’S Register Group (LR), today announced that it has entered into a definitive agreement to sell its energy business unit to Inspirit Capital, a London-based investment firm.
The deal will create a new engineering and technical consultancy offering specialist asset performance, risk management and project management expertise across complex industrial assets, the energy transition and rail infrastructure.
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The new company will be led by David Clark.
Commenting on the announcement, Alastair Marsh, LR’s chief executive officer, said: “As part of an ongoing strategic review of our business, we reached the decision that this transaction is the best option to realise the long-term growth potential of our Energy business.
“LR Energy offers world-class engineering solutions across the sector, and the partnership with Inspirit provides them with further support and investment to underpin their growth objectives.
“The LR Group remains committed to the energy sector, continuing to support our clients through our offshore compliance, digital products and inspection services businesses, in collaboration with our former LR Energy colleagues where appropriate.”
Mr Clark said: “This is an exciting new chapter for us, which supports our mission to help clients tackle complexity head on.
“We look forward to working with the Inspirit team to deliver on our ambitions.”
Will Stamp, founding partner at Inspirit Capital said: “LR’s Energy division has an excellent reputation internationally and we are proud to be supporting the next phase in the development of the business. We are backing a world-class team and look forward to building a valuable standalone organisation in a market undergoing dramatic change.”
The transaction is expected to complete on or before October 31.
