The investment by BDC was described as a “minority external investment” and details were not revealed. There will be no change to the management team of LOC, which specialises in marine warranty services and marine casualty consultancy, and has offices in 30 countries.
“We very much welcome BDC as a new shareholder as they will be able to provide insight as we further professionalise our business, build market presence, especially in the emerging markets, and open new offices to expand our international capability,” said Andrew Squire ceo of LOC.
Commenting on the investment BDC partner Alan Payne said: “In making this investment BDC is providing the capital for LOC to enfranchise its younger generation of managers with equity in the business.
LOC is owned by its employees through what it describes as “quasi-partnership model”.
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