LDC Backs Boston Energy for Net Zero Push
LDC, in its pursuit of further international expansion, has made a substantial investment in Boston Energy, a technical services provider catering to the wind energy industry.
Headquartered in Beverley, East Yorkshire, Boston Energy specialises in employing and training skilled technicians who assist in the construction and maintenance of onshore and offshore wind farms worldwide. With a client base encompassing major Original Equipment Manufacturers (OEMs) and Wind Farm Operators, the company operates across Europe, APAC, and North America.
Boston Energy's technicians are responsible for the upkeep of numerous wind turbines spanning four continents, and the company has successfully executed over 100 projects globally since 2012.
Recently, it secured a significant contract to support the Dogger Bank Wind Farm, located in the North Sea, which happens to be the largest offshore wind farm in the world. This accomplishment serves as a testament to Boston Energy's expertise and reputation in the offshore wind sector.
The investment from LDC will empower Boston Energy to capitalise on growth opportunities in its core markets worldwide, aiding the transition towards a cleaner energy economy. LDC's support comes from a management buyout, with CEO Julian Cattermole leading the charge. Meanwhile, Mark Parkes, the founder of Bostonair Group, retains involvement in the business as a significant shareholder and Non-Executive Director.
Commenting on the investment, Mark Parkes highlighted the remarkable evolution of the industry and affirmed the company's commitment to delivering exceptional service to its customers. Parkes expressed confidence in LDC's partnership, given their track record of supporting Yorkshire-based enterprises and affiliation with Lloyds Banking Group, a prominent UK offshore wind industry advocate.
Julian Cattermole, CEO of Boston Energy, emphasised the company's position to seize the increasing opportunities presented by the rapidly growing wind energy sector. Cattermole stressed the significance of the LDC partnership in meeting surging service demands and continuing to invest in their skilled technicians, who form the cornerstone of their customer relationships.
Leading the investment on LDC's side were Dan Smith, Partner and Head of Yorkshire, Investment Director James Marshall, and Investment Manager Anthony West. Smith acknowledged Boston Energy's status as a reputable service provider within a sector crucial to the global shift towards a net-zero future.
He also praised the company's international influence, spotlighting the Humber region as a prominent hub for renewable energy on a global scale. Smith expressed LDC's commitment to supporting Julian, Mark, and the entire team in driving the business forward in the years to come.
LDC is dedicated to integrating Environmental, Social, and Governance (ESG) practices throughout its operations, aiming to achieve net-zero emissions by 2030. This commitment extends to assisting portfolio companies in transitioning to a low-carbon economy and collaborating with The Prince's Trust to support the UK's future business leaders.
KPMG provided advisory services, including Corporate Finance, Legal, and Tax, to Boston Energy and the sellers. Clearwater International, Grant Thornton, Addleshaw Goddard, and Calash offered guidance to LDC throughout the transaction, covering Corporate Finance, Debt, Financial and Tax Due Diligence, Legal, and Commercial Due Diligence, respectively.
HSBC's regional team, led by James Scholes, provided senior debt and working capital facilities to support the transaction.
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Source: LDC
