British class society Lloyd’s Register (LR) has entered into a definitive agreement to sell its energy business unit to London investment firm Inspirit Capital.
The sale of LR Energy is expected to be completed by the end of the month, and will see the creation of a new engineering and technical consultancy offering specialist asset performance, risk management and project management expertise.
Alastair Marsh, chief executive officer of LR, commented: “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.”
David Clark, LR’s energy director, will lead the new company.