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AqualisBraemar has entered into an agreement to acquire 100 percent of the shares in LOC Group. LOC Group, founded in 1979, is an international marine and engineering consulting firm that operates under four brand names: LOC, Innosea, Longitude and JLA (John LeBourhis).
LOC operates in the shipping, oil and gas, and renewables sectors, providing loss prevention and loss management services, as well as marine and engineering consultancy services. Innosea is an independent engineering firm that specialises in the renewables sector. Longitude provides independent engineering and design consulting to the shipping, oil and gas and renewables sectors, while JLA delivers rig-related approval services around the globe.
Headquartered in London, the group employs 416 people and operates worldwide in over 30 offices located in Europe, Africa, Americas, Middle East, Asia and Australia. LOC has generated revenues of USD 63 million in the past twelve months, with an adjusted EBITDA of USD 6.8 million. As of 30 September 2020, the group’s order backlog stood at USD 54 million.
The combined group will have a total of 880 employees in 85 offices in 39 countries all over the world. AqualisBraemar will finance the acquisition through a combination of USD 5 million in existing cash, a new USD 15 million bank facility with Nordea, and a fully subscribed equity issue of USD 15 million. Closing of the acquisition is expected on or around 21 December 2020. AqualisBraemar and LOC Group will be trading separately for up to six months following completion of the transaction.
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