XPD8 Solutions Limited, an Aberdeen, (Scotland), UK-based oil and gas service and consultancy company, has received an over £2m private equity investment from Maven Capital Partners.
The investment has facilitated a management buy-out estimated to be worth in excess of £6m. In particular, it has allowed XPD8’s management to buy into the business, which provides asset management and integrity management solutions.
XPD8, which has a current annual turnover approaching £4m, operates 30 employees. Clients include BG Group, ConocoPhillips, Apache, BP, Nexen and Petro-Canada.
The management team, which includes new shareholders Neil Arthur, Gordon Ellis, Mike Noble and Scott Morrison, will work along with founder Mark Cavanagh. The company aims to double in size in the next three years, also pursuing new opportunities in the North Sea and internationally.
The above mentioned team will be complemented by the appointment of Allan Merritt as chairman and John Duncan as finance director.