3i Sells Corpro Stake to SCF

3i, Europe's leading private equity and venture capital company, has sold its stake in Aberdeen-based Corpro to SCF Partners.

Corpro is the leading independent provider of coring services to the oil and gas industry. Incorporated in 1988 in Scotland, Corpro deploys exclusive coring and core handling services for oil & gas wells during exploration and appraisal. These innovative technologies produce better and more cost effective output than other competitive systems, thereby optimizing Corpro's customer Formation Evaluation investment.

3i has been a major 49.5% shareholder and investor in Corpro since an MBO in March 1998. The funding enabled the company to strengthen its international presence, and Corpro now operates in most major oilfield locations.

3i Director Will Clark commented: "This has been an engaging and successful investment for 3i. We've been pleased to support the development and growth of the company, assisting Corpro's excellent management team and helping to secure a new Chairman and key advisers. Going forward with SCF's backing, we believe the business is in a strong position to benefit from the steady growth in the coring market."

The coring market has risen steadily and through the deployment of its innovative solutions, and Corpro has grown to become the leading independent supplier in its international market.

Pascal Bartette, CEO of Corpro added: "We're grateful for 3i's support over the years and for the opportunity given to the management team to develop the business to a leading position in the coring market. We now look forward to the next phase of our development with the support of SCF."

SCF has been providing capital and strategy growth assistance to build energy service and equipment companies with worldwide experience since 1989.

Andy Waite, Managing Director at SCF Partners, concluded: "We are excited about partnering with the Corpro team, whose high integrity and innovative approach successfully built an international business that can compete directly with the major service companies. The technologies, the people and their ability to anticipate new market demand will secure Corpro's growth into the future."

3i was advised by Maclay Murray and Spens and KPMG Aberdeen.

3i has funded 24% of all European oil & gas private equity deals in the last three years and manages an investment portfolio in the exploration and production (E&P) and service sectors. 3i's current oil & gas portfolio includes EDP, an oilfield development project manager; Noreco, an E&P company focussed on the Norwegian Continental Shelf; Salamander Energy, an E&P company focused on South East Asia and Finnish oil spill response company Lamor Corporation. Previous investments include Vetco International (ABB's former upstream oil and gas business); Petrofac, the international oil and gas facilities service provider and many more.

Founded in 1989, SCF Partners provides capital and strategy growth assistance to build energy service and equipment companies with worldwide experience.