Featured Product
This Week in Quality Digest Live
Standards Features
Lily Chen
The cornerstone of cybersecurity
NIST
The reliable products we buy depend on our attention to detail
Review will assess how program can best advance U.S. competitiveness and address today’s business challenges
Marc Lepere
The current system for rating ethical credentials is meaningless

More Features

Standards News
Program inspires leaders to consider systems perspective for continuous improvement and innovation
Collaboration produces online software for collecting quality inspection data
First responders may benefit from NIST contest to reward high-quality incident command dashboards
The QM certification is awarded for excellence in curriculum design and quality
Three webinars to increase participation and understanding within the world of quality assurance
PRI will provide two additional related certification services: ISO 27017 and ISO 27018
An early warning system lets Arctic people know when bears approach
Appointments are the first for recently established committee to advise the President
ASQ’s five quality certifications are the only ones to earn global recognition by ANSI

More News

Quality Digest

Standards

LRQA and ELEVATE to Combine to Meet Global Demand for ESG Solutions

Merger will expand data-driven insight, advisory services, and analytics for supply chain assurance

Published: Tuesday, February 8, 2022 - 12:58

(LRQA: London) -- LRQA and ELEVATE are joining forces to meet the fast-growing need for transparency and assurance around environmental, social, and governance standards (ESG). LRQA, a leading global provider of digitally-enabled assurance services, including environmental conformity assessments, will acquire ELEVATE, an industry leader in ESG and supply-chain services, to offer comprehensive solutions for clients as they navigate an ever-changing risk landscape.

Mutually beneficial for LRQA and ELEVATE

Combining complementary product portfolios and geographic footprints, with the opportunity to advance their digital offering, the group will be in an even better position to serve clients’ needs.

As innovators in their respective market segments, LRQA and ELEVATE will offer an expanded range of data-driven insight, advisory services, analytics, and best practice for sustainable supply chain assurance. With in-depth local market expertise, the combination will deliver brand and ESG assurance, cybersecurity, inspection services, and training across industries such as food, retail, electronics, energy, manufacturing, financial services, and apparel.

During the last six years, ELEVATE teams have designed and implemented an end-to-end ESG service ecosystem that’s built on the strong foundations of on-the-ground assessment, advisory, program management, and analytics. This service ecosystem evolves the prevailing one-size-fits-all audit paradigm to one that reflects the needs of a customer’s risk profile and sourcing structure.

LRQA, which in December 2021 became a fully independent business owned by funds managed by Goldman Sachs Asset Management, is focused on enhancing its portfolio in key growth areas and capitalizing on increasing demand across its markets for assurance, inspection,, and cybersecurity services.

“The risk landscape is changing so fast, and our clients need a partner that can help them adapt, particularly in ESG,” says Paul Butcher, chief executive of LRQA. “This agreement is a major signal of our determination to meet that need. We are bringing together two highly successful businesses to create something very special in the ESG field—grounded in true expertise, operating at global scale, and driven by a shared belief in data to drive change. Businesses are having to rapidly rethink their approach to ESG, and I believe this deal will transform the way in which we can help our clients to respond.”

Ian Spaulding, who has led the successful growth of ELEVATE since its inception in 2013, will join the LRQA executive team.

"Working with LRQA supports our progressive, data-driven vision about the critical role of ESG in supply chains,” says Spaulding. “It extends our ESG service ecosystem, connects our world-class solutions in the “S” domain with LRQA’s “E” expertise, and expands our global reach and sector coverage."

The Goldman Sachs Asset Management team led by Michael Bruun, Jose Barreto, and Mihir Lal, commented:

“We are very excited by the combination of LRQA and ELEVATE, two highly complementary businesses with leading reputations in the assurance market for service quality, customer focus, and thought leadership. The acquisition of ELEVATE enhances the breadth and depth of LRQA’s existing ESG, digital, and supply-chain quality assurance capabilities, and enables LRQA to better support clients to manage their sustainable growth paths in a changing risk environment. We are delighted to welcome the ELEVATE team, led by Ian Spaulding, to the LRQA family and are excited by the important role the ELEVATE business will play in accelerating LRQA’s growth trajectory in the increasingly important ESG assurance sector.”

The transaction is expected to complete in 2022, following the receipt of regulatory approvals.

About LRQA

LRQA is a leading global assurance provider, bringing together decades of expertise in brand assurance, certification, cybersecurity, inspection, and training, to help its clients negotiate a rapidly changing risk landscape.

Operating in more than 160 countries and recognized by more than 30 accreditation bodies worldwide, LRQA covers almost every sector, and prides itself on the highest standards of quality and innovation as it helps clients manage risk across the entire supply chain, drive operational improvements, and build credibility with stakeholders. 

About ELEVATE 

ELEVATE is an industry leader in sustainability and supply chain services globally. It has more than 17 years’ expertise in designing, building, and managing data-driven, sustainability linked programs that drive positive impact. ELEVATE’s business-minded perspective and focus on transparency, innovation, sustainability, and measurable impact delivers lasting positive change for companies, brands and retailers, suppliers, factories, and workers.

Having built an extensive global portfolio of clients, including corporations with international supply chains, suppliers, investors and banks, industry coalitions, NGOs and governments, and an operating footprint across 100 countries, ELEVATE currently conducts more than 20,000 assessments and audits per year to the highest standards of quality and integrity.

About Goldman Sachs Asset Management Private Equity

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), the company delivers investment and advisory services for the world’s leading institutions, financial advisors, and individuals.

Goldman Sachs Asset Management draws from its connected global network and tailored expert insights across every region and market. As of Dec. 31. 2021, it oversees more than $2 trillion in assets under supervision worldwide. Driven by a passion for its clients’ performance, the company seeks to build long-term relationships based on conviction, sustainable outcomes, and shared success over time.

Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate, and infrastructure. Established in 1986, the private equity business within Goldman Sachs Asset Management has invested more than $75 billion since its inception. The company combines its global network of relationships; insight across markets, industries, and regions; and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios. Follow Goldman Sachs Asset Management on LinkedIn. Further information can be found on its website.

Discuss

About The Author

Quality Digest’s picture

Quality Digest

For 40 years Quality Digest has been the go-to source for all things quality. Our newsletter, Quality Digest, shares expert commentary and relevant industry resources to assist our readers in their quest for continuous improvement. Our website includes every column and article from the newsletter since May 2009 as well as back issues of Quality Digest magazine to August 1995. We are committed to promoting a view wherein quality is not a niche, but an integral part of every phase of manufacturing and services.