LRQA, a global assurance provider, takes over the stake of EQT Private Equity in ELEVATE, a leading provider of ESG and supply chain services

LRQA, a global assurance provider, takes over the stake of EQT Private Equity in ELEVATE, a leading provider of ESG and supply chain services

(PRESS RELEASE) STOCKHOLM, 26-Jan-2022 — /EuropaWire/ — EQT, a purpose-driven global investment organization, has announced that EQT Mid Market fund has divested its holdings in ELEVATE, a Hong Kong-based ESG and supply chain service provider. The buyer of the stake is LRQA, a global assurance provider specialist in certification, brand assurance, food safety, cybersecurity, inspection and training and owned by Goldman Sachs Asset Management LP.

Headquartered in Hong Kong, ELEVATE is a market leading, premium provider of customized solutions focusing on ESG and supply chain effectiveness with operations in more than 100 countries. The Company supports over 450 corporate customers along global supply chains within ESG and sustainable sourcing through a unique combination of in-depth insights driven by on-the-ground presence, high-quality and comprehensive services and data analytics. EQT Private Equity acquired a majority interest in ELEVATE in 2016, with the founders and management retaining significant stakes in the Company.

During EQT Private Equity’s partnership with CEO Ian Spaulding and his management team, ELEVATE has evolved into an integrated, end-to-end service provider. ELEVATE supports customers across their entire responsible sourcing and supply chain ESG management journey through its four service segments including assessment, advisory, program management and analytics that drive positive impact. ELEVATE is a trusted partner to key stakeholders of ESG such as corporates, suppliers, industry coalitions, NGOs & governments and financial institutions to help them achieve sustainable supply chains globally.

With the support of EQT, ELEVATE has achieved significant organic growth by adding new services across its four business segments and expanding into new verticals such as the food industry, which not only created cross-selling opportunities but also attracted new customers across the globe. It also embarked on a digitalization journey to strategically reposition and transform the Company into a tech driven business with the successful launch of in-house developed data analytics platform EiQ. In addition, the Company completed several add-on acquisitions that further diversified its service offerings and established presence in new geographies.

Vesa Koskinen, Partner within EQT Private Equity’s Advisory Team, said, “It has been an exciting journey with ELEVATE which is now a global leader of ESG and supply chain services and a pioneer in the industry. Ian and the management team have done a fantastic job in driving the Company’s strategic vision and we are proud to have supported ELEVATE over the past few years. We are confident that ELEVATE will continue to be successful in combination with LRQA.”

Ian Spaulding, Co-Founder and CEO of ELEVATE, said, “We would like to thank EQT for being a supportive partner to ELEVATE over the past six years, successfully transforming our company into a holistic ESG and supply chain service provider. Under the partnership with EQT, not only did ELEVATE diversify its service portfolio and build up critical capabilities in advisory, program management and data analytics, we also established robust governance and formed a strong leadership team, positioning us well for the next growth phase with LRQA.”

The transaction is subject to approval from relevant authorities and is expected to close in 2022.

About EQT
EQT is a purpose-driven global investment organization with EUR 73.4 billion in assets under management across 28 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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ELEVATE is an industry leader in sustainability and supply chain services globally, with 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 relentless 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 corporates with international supply chains, suppliers, investors and banks, industry coalitions, NGOs and governments, and an operating footprint across 100 countries, ELEVATE currently conducts over 20,000 assessments and audits per year, to the highest standards of quality and integrity.

More info:

APAC media inquiries:
Mavis Ma, Communications Manager,,
+852 9280 9663

International media inquiries:
EQT Press Office,
+46 8 506 55 334



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