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Lloyd’s Register to focus growth on expanded role in maritime industry

 

Lloyd’s Register, a global provider of professional services specialising in engineering and technology solutions, has announced the sale of 100% of its Business Assurance & Inspection Services division, including cyber-security business Nettitude, to Goldman Sachs Asset Management. The transaction is a key milestone in Lloyd’s Register’s strategy to become the go-to partner and adviser on compliance, performance and sustainability to the maritime industry and broader ocean economy.

The deal is expected to complete during the second half of 2021, following customary antitrust and regulatory approvals.

The transaction will enable LR to better support its clients to respond to the regulatory, economic and societal pressures to digitalise and decarbonise within challenging timeframes. The additional investment capital it provides will empower LR to become an even more valuable partner to maritime clients as they address the risks and opportunities ahead of them. In particular, the divestment will allow accelerated investment in LR’s maritime service offering, both organically and through acquisitions.

Nick Brown, Chief Executive of Lloyd’s Register Group said: “We believe this will unlock significant growth potential for both companies. For Lloyd’s Register, it comes at a time when there is a pressing need for specialist maritime advisers to guide clients through fundamental change and to help support their digitalisation and decarbonisation ambitions.

“This transaction builds on our 260-year heritage in the maritime industry and will strengthen our ability to take our compliance offering to the next level, expand our risk and advisory services and develop industry-leading digital solutions. It will also provide greater focus to build LR’s role as a leading industry advisor for maritime supply chain safety, resilience, efficiency and performance.”

Under its new ownership, Lloyd’s Register’s Business Assurance & Inspection Services division will adopt the brand name LRQA reflecting its 35 years of expertise and heritage in the assurance market. As an independent business, LRQA will continue to be one of the leading players in the fragmented assurance and inspection market, with a global footprint to service its customer base across a wide range of sectors.

Goldman Sachs Asset Management intends to expand the LRQA business, helping it to become a leading digitally enabled assurance provider, partnering with customers across key sectors, geographies and segments as they navigate a changing risk landscape.

Paul Butcher, who has led the successful growth of the Business Assurance & Inspection Services division within LR for the past three years and will take on the CEO role for LRQA said: “We are at a critical moment in our journey and now is the right time for LRQA to become a fully independent business.”

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