Flexlife has announced that Maven Capital Partners and Simmons Parallel Energy (SPE) have invested £5.5million growth equity in the company.
The investment deal was led by Simmons & Company International and will help complete commercialization of new products and underpin future Research & Development work. It will also accelerate flexlife's ambitious internationalization plans.
flexlife was established in 2007 and turnover increased by 70% to £5million in 2009/10. It is targeting turnover of £7.5million this year, rising to £21million by March 2013.
The company has recently opened its first international bases, in Brazil and Asia-Pacific, and increased staffing levels to 40.
flexlife has established a strong reputation for developing innovative products that can help improve critical asset integrity offshore. Its award-winning ultrasonic scanning technology has made history in the oil & gas industry and equally innovative products are in the process of the final stages of commercialization.
CEO, Stuart Mitchell said, "flexlife set out to offer outstanding levels of service coupled with a commitment to research and development which has seen us offer a truly innovative range of products that help improve asset integrity offshore.
"We are delighted to announce this investment which will have a major impact on flexlife and help us achieve our growth aspirations. We have a reputation for our scanning technology for flexible pipes and risers that has helped our clients by giving 100% accurate results. We are now looking forward to building on that reputation with our new products that will safeguard asset integrity."
Nick Dalgarno, managing director of Simmons & Company in Aberdeen, said, "flexlife has already proven to be an exceptional start-up company with game-changing technology that has captured the attention of the oil & gas industry. We believe there is enormous scope both for the existing scanning technology and the new products coming to market and we are delighted to have helped flexlife to secure this investment which will enable the company to reach its full potential."
Jock Gardiner, Aberdeen-based partner at Maven said, "Our investment will help accelerate flexlife's growth plans and we are looking forward to working with Stuart and the management team. As well as the capital investment, we would expect flexlife to benefit from the management support and international networks of both Maven and SPE."
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