LDC invests in Boston Energy which is supporting development of Dogger Bank Wind Farm

Boston Energy’s client base includes some of the world’s biggest wind farm operators. The company’s technicians support thousands of wind turbines across four continents, and the company has delivered more than 100 projects since 2012. It was recently awarded a significant new contract to support the Dogger Bank Wind Farm in the North Sea, the world’s largest offshore wind farm.

LDC’s investment will enable Boston Energy to grow in all of its core markets globally. LDC is backing Boston Energy’s chief executive Julian Cattermole in a management buyout from the wider group of Bostonair companies. Mark Parkes, who founded Bostonair Group in 1997, will remain involved in the business as a major shareholder and Non-Executive Director.

Mark Parkes, Founder of Bostonair Group, said: “It’s remarkable to reflect on how much the industry has evolved since we started the business over a decade ago.

"During that time, we’ve maintained our commitment to our customers and, with LDC’s support, we’ll continue to provide them with the very best tailored service. LDC’s heritage of supporting the growth of Yorkshire-based businesses combined with being part of Lloyds Banking Group make it the ideal partner and means we’re perfectly positioned to start this new chapter.”

Julian Cattermole, CEO of Boston Energy, added: “The wind energy industry is growing rapidly and there are more opportunities than ever for our business to expand our offering on the back of rising demand for our services.

"Our partnership with LDC will help us to respond to the growing demand for our services at pace and continue to invest in our expert technicians, whose exceptional service is the foundation of our customer relationships.”

The investment was led by Dan Smith, Partner and Head of Yorkshire at LDC, Investment Director James Marshall and Investment Manager Anthony West.

Dan Smith, Partner and Head of Yorkshire at LDC, added: “Boston Energy is a high-quality service provider in a sector that will play an essential role in the global transition towards net zero. The business’ success is also a great example of a homegrown company with international reach that is raising the profile of the Humber as a global renewable energy hotspot."Boston Energy and the sellers were advised by KPMG, who provided corporate finance under the leadership of Christian Mayo and Jordan Raiye, alongside legal and tax services.

LDC was advised by Clearwater International Grant Thornton, Addleshaw Goddard and Calash. A regional HSBC team led by James Scholes is supporting the transaction with senior debt and working capital facilities.