Aberdeenshire-based oil and gas pipeline engineering specialist STATS Group is planning for further international expansion after securing an additional $6.5 million investment from the UK's Business Growth Fund.
The investment follows on from an initial $11.75 million of growth capital from BGF in March 2012. Since this initial funding, Stats Group said, it has doubled its annual revenue to around $45 million and created 145 additional jobs as well as opening operational bases in Canada, the Middle East and the US.
STATS Group plans to use the new capital to fund its continued expansion, particularly in the US, where it has won contracts worth more than $15 million.
Simon Munro, BGF's regional director for Scotland, commented in a statement:
"I'm delighted that we are investing more capital in STATS and continuing to back Pete Duguid and his team. Since our initial investment in 2012, the company has gone from strength to strength, doubling turnover, creating jobs and expanding globally.
"Follow-on investments are an important part of the BGF model. By supporting businesses that we know and have a proven track-record, we can help them to grow even further."
STATS Group CEO Pete Duguid added:
"Simon and his team at BGF have been very supportive since our first investment. They have not just injected cash into the business but have also offered advice and support during our global expansion. The latest funding will help us to maintain the pace of our expansion in the US and the Middle East."
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