UK vessel inspection firm Idwal has secured a significant investment from private equity partner LDC to support the development of its proprietary technology platform and expand its global service footprint.
Founded in 2010 as a division of Cardiff-based Graig Shipping, the business will, with LDC’s backing, the exact value of which has not been disclosed, further develop its platform, data and service provision and expand its network of overseas offices, which already includes China, Greece and Japan.
The Nick Owens-led Idwal is a certified carbon neutral organisation, that was the first in the industry to include both decarbonisation metrics and crew welfare and working condition data in its reports. It is also focused on the provision of advanced ESG reporting to ensure that its customers are meeting increasingly stringent sector wide environmental reporting requirements.
LDC’s investment was led by Dewi Hughes, Oliver Schofield and James Garland from its Wales and South West team. Hughes and Schofield will join Idwal’s board. Gehan Talwatte has been appointed non-executive chairman and former Inchcape Shipping Services chief executive Simon Morse has been appointed a non-executive director.
“This is the ideal outcome for both Idwal and Graig, as well as our customers and colleagues. As an independent company with the support of LDC, Idwal is strongly positioned to increase investment in its services and its international presence,” said chief executive Owens.
Hugh Williams, CEO of Graig, added: “Idwal has grown from a new service to a genuine leader in its field with significant potential. For us, this was an intentional next step for Idwal and is part of Graig’s strategy to refocus the business on its core shipping investments and with the fast-growing offshore renewables sector.”
