Lloyd’s Register sells division

The company is selling its Business Assurance & Inspection Services division, including cyber-security business Nettitude, to Goldman Sachs Asset Management.

Nick Brown, chief executive of LR 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.”

The transaction is a key milestone in LR’s strategy to become the go-to partner and adviser on compliance, performance and sustainability to the maritime industry and broader ocean economy. It will enable LR to better support its clients to respond to the regulatory, economic and societal pressures to digitalise and decarbonise within challenging timeframes.

Additionally, the divestment will allow accelerated investment in LR’s maritime service offering, both organically and through acquisitions.

Under its new ownership, the Business Assurance & Inspection Services division will adopt the brand name LRQA. As an independent business, LRQA is expected to continue to be a key player in the fragmented assurance and inspection market. Goldman Sachs Asset Management intends to expand LRQA, helping it to become a leading digitally enabled assurance provider.

The deal is expected to complete during the second half of 2021.