BDA and William Blair advise EQT on sale of ELEVATE to LRQA

BDA Partners is pleased to announce that EQT, advised by BDA in conjunction with William Blair, has agreed to sell its majority stake in ELEVATE to LRQA via its EQT Mid Market Fund. Under the transaction, ELEVATE will be acquired by LRQA and Ian Spaulding, who has led the successful growth of ELEVATE since its inception in 2013, will join the LRQA executive team. The transaction is subject to regulatory approvals and is expected to close in 2022.

Headquartered in Hong Kong, ELEVATE is a market leading, premium provider of customized solutions focusing on ESG and supply chain effectiveness with operations in more than 100 countries. The Company supports over 450 corporate customers along global supply chains within ESG and sustainable sourcing through a unique combination of in-depth insights driven by on-the-ground presence, high-quality and comprehensive services and data analytics. EQT Private Equity acquired a majority interest in ELEVATE in 2016, with the founders and management retaining significant stakes in the Company.

Headquartered in the UK, LRQA is the leading global assurance provider bringing together expertise in certification, cybersecurity, inspection, and training. LRQA focuses on helping companies negotiate a rapidly changing risk landscape, with the ambition to lead the digital transformation of the assurance market. LRQA was formed from the sale of the Business Assurance and Inspection Services division of Lloyd’s Register, to funds managed by Goldman Sachs Asset Management.

BDA Partners and William Blair acted as exclusive financial advisors to EQT on the transaction. Terms were not disclosed.

Vesa Koskinen, Partner within EQT Private Equity’s Advisory Team, said, “It has been an exciting journey with ELEVATE which is now a global leader of ESG and supply chain services and a pioneer in the industry. Ian and the management team have done a fantastic job in driving the Company’s strategic vision and we are proud to have supported ELEVATE over the past few years. We are confident that ELEVATE will continue to be successful in combination with LRQA.”

Ian Spaulding, Co-Founder and CEO of ELEVATE, said, “We would like to thank EQT for being a supportive partner to ELEVATE over the past six years, successfully transforming our company into a holistic ESG and supply chain service provider. Under the partnership with EQT, not only did ELEVATE diversify its service portfolio and build up critical capabilities in advisory, program management and data analytics, we also established robust governance and formed a strong leadership team, positioning us well for the next growth phase with LRQA.”

Mark Webster, Partner, Head of Singapore and Head of the Services sector, BDA Partners, added, “This is a great example of a cross-border transaction in today’s dynamic ESG sector, delivering a successful exit for our private equity client and opening a new chapter for ELEVATE and its senior leadership. We wish Ian and his team all the best for an exciting future with LRQA.”