Clearwater advises LDC on its investment in Boston Energy

Transaction

LDC on its investment in Boston Energy

Buy-side

Undisclosed

Role

Adviser to LDC on its investment in Boston Energy

Sector

Business Services

Region

United Kingdom

Clearwater has advised LDC on its significant investment in Boston Energy, a technical services provider to the wind energy industry, as it targets further international expansion.

Based in Beverley, East Yorkshire, Boston Energy employs and trains specialist technicians to support the build and maintenance programmes of onshore and offshore wind farms across the globe, including in Europe, APAC and North America. Boston Energy’s client base includes the world’s biggest OEMs and Wind Farm Operators.

Boston Energy technicians support thousands of wind turbines across four continents, and the company has delivered more than 100 projects across the globe 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, which is a testament to its industry recognised credentials in offshore wind.

LDC’s investment will enable Boston Energy to take advantage of opportunities to grow in all of its core markets globally to support the transition to a clean energy economy. LDC is backing Boston Energy’s CEO 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.

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 – one of the UK’s most active supporters of the UK offshore wind industry – make it the ideal partner and means we’re perfectly positioned to start this new chapter.
Mark Parkes, Founder, Bostonair Group

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.
Julian Cattermole, CEO, Boston Energy

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. We’re looking forward to supporting Julian, Mark and the rest of the team as they continue to drive the business forward in the years ahead.
Dan Smith, Partner and Head of Yorkshire at LDC

Boston Energy is in an exciting phase of growth, with a strong reputation in the market and an abundance of opportunity. The investment from LDC, backing the management team to carve-out Boston Energy from Bostonair Group, will give the business the focus and resources it needs to execute on these opportunities, both in the UK and internationally. Boston Energy will play an important role in the continued decarbonisation of the global economy and we are confident that the business will go from strength to strength whilst under LDC’s stewardship. I’d like to wish Dan, Julian and the rest of the team all the best for the future.
Richard Goldsack, Partner, Clearwater