Charles Taylor has acquired two technical consultancy companies as it continues to grow in the marine sector under new private equity ownership.
It has bought Lab Cosulich Consultants (LCC) and CMC Marine, both of which are part of the Cosulich Marine Consultants owned by Riccardo, Gustav and Diego Cosulich.
Genoa-headquartered LCC provides scientific testing and consultancy services to the marine insurance industry. CMC was formed in Singapore and has expanded into the United Arab Emirates.
No price has been disclosed for the deal, which is expected to be concluded at the end of December.
Charles Taylor, a professional services company best known for its insurance sector involvement, said the Cosulich Marine Consultants will become a core part of Charles Taylor Marine Technical Services.
Oliver Hutchings, managing director, marine at Charles Taylor, said the acquisition will help the company’s global expansion.
“The acquisition of the Cosulich Group adds a critical offering to our marine technical services business within Europe, Middle East and Asia — all of which are key markets for our expansion,” he said.
Charles Taylor has been building up its Marine Technical Services business since its takeover by US private equity firm Lovell Minnick Partners in January this year.
It recently integrated marine technical companies Bowditch Marine and Pilot Marine into Charles Taylor Marine Technical Services’ business.
In July, the company also hired a team of expert marine surveyors led by John Poulson. Charles Taylor said it wants to continue to expand its marine technical services team through hiring experienced surveyors around the world.
However, in May it ended its long-running management agreement with the Standard Club protection and indemnity insurer.
