AqualisBraemar has completed the acquisition of 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).
Similar to AqualisBraemar, LOC Group operates within the shipping, oil and gas and renewables sectors. The purchase price consideration was a USD 20.2 million cash consideration plus two million conditional warrants in AqualisBraemar. The combined group will have a total of 880 employees in 67 offices in 39 countries. On preliminary pro-forma basis, the combined group has delivered revenues of USD 139 million in the past twelve months (AqualisBraemar stand-alone: USD 76 million) up until 30 September 2020, with an adjusted EBITDA of USD 12.5 million (USD 5.7 million). The joint group’s order backlog was USD 83 million (USD 28 million) at the end of the third quarter.