Lamor Corporation – institutional investors join family company
Lamor is a leading supplier of specialised environmental technology. Lamor’s patented and certified solutions are at work in land remediation, harbour and maritime services, beach and shoreline clean-ups, offshore oil-spill recovery, rescue operations, underwater services and oil recovery in Arctic areas. Lamor offers its customers oil spill response services, equipment maintenance and servicing, contingency planning and risk assessment, and training.
Founded in 1982 in Porvoo, Finland, Lamor Corporation is famous throughout the world for its brush technology and the oil spill response equipment the company has developed around it. In response to customer requirements, Lamor has developed a range of other services and solutions in which technology is only one element.
To invest in R&D aimed at developing technology and in business models meeting customers’ growing needs, Lamor restructured its non-equity financing in March 2012. At this time Finnish Industry Investment and Etera Mutual Pension Insurance Company made a minority investment in the company, giving them a one-fifth stake in the family company.
“Institutional investors help us strengthen our financial position and further enhance our credibility. The house bank was replaced with Sampo Bank/Den Danske Bank as part of this transaction. We can now focus on global markets and larger-scale projects instead of wasting unreasonable time and resources on procuring financing,” comments Lamor’s CEO Fred Larsen.
Larsen is convinced that the participation of institutional investors will be beneficial to the family company’s culture. “In trying to boost volumes and enhance quality, we must all develop our expertise. Institutional investors know how a company must be developed to achieve its growth strategy. This will be of enormous help to us.”
Lamor, which from the start set its sights on international markets, has offices in Great Britain, the USA and China, and joint ventures in Columbia, Georgia, Kazakhstan, Oman, Russia and the Arab Emirates. Lamor’s network of representatives covers over 90 countries.