DeepFlex, a Houston, TX-based manufacturer of premium unbonded composite flexible pipe used in challenging subsea oil and gas production environments, received an equity investment of undisclosed amount.
Backers included funds co-managed by Brazilian private equity firms Mare Investimentos and Mantiq Investimentos, as well as existing investors AEM Capital and Promon International of Brazil and Energy Ventures, Klaveness Marine, and Mobelmagasinet Tvedt of Norway.
The investment will support the company’s development plan to establish a manufacturing center in Brazil, where the company recently opened an office staffed by experienced business development and technical personnel, to serve this market. The use of proceeds will also fund an expansion of DeepFlex’ U.S. manufacturing capability to support existing backlog and an expanding order book.
Established in 2004 and led by Mike Kearney, President and CEO, DeepFlex manufactures unbonded composite flexible pipe for deepwater applications. In addition, the company’s technical staff assists customers with the design of their subsea production configurations.