SPEX Group, an Aberdeen, Scotland, UK-based provider of oil and gas services, received a £5m investment.
The Business Growth Fund made the investment and banking facilities are provided by Bank of Scotland. In conjunction withe the transaction, Mike Sibson, BGF’s Investment Director, joined the SPEX board.
The company intends to use the funds for expansion in international markets and development of its technology.
Founded in 2009 by CEO Jamie Oag, SPEX provides oil and gas services including explosives, cutting, punching and abandonment capabilities. It helps clients design, develop, test and manufacture energetics and non-energetics technologies for a range of applications.
The company employs more than 60 staff and also has a presence in the North Sea. It has an international presence having worked in more than 20 countries and recently invested in opening new operations in the US, Mexico and Saudi Arabia.
FinSMEs
06/03/2014