MAVEN Capital Partners, the Glasgow-based private equity house, has sold energy services business XPD8 Solutions to John Crane Group.
The value of the deal was not disclosed, but Maven said the sale of Aberdeen-based XPD8 to John Crane, a division of the FTSE-100 listed Smiths Group, had delivered an “attractive” return for investors on their original investment.
Maven, which initially invested in XPD8 in 2010, said the exit is the third profitable disposal by its energy services team in the last year.
The exit from environmental services and equipment business MSIS in June brought a return for investors of more than three times their original investment, while the sale of control systems specialist EFC Group in December was valued at nearly four times the cost of the investment.
XPD8, which was formed in 2003, is an oil and gas services consultancy which offers asset management and integrity solutions to a global customer base.
With bases in Aberdeen and London, its customers include Tullow, Aker, Apache, CNR and Wood Group.
Maven partner Jock Gardiner said: “With Maven’s support, XPD8 management has performed strongly since we invested in the company in 2010 and this exit has achieved a healthy return for our investors.
“Working in partnership with Maven throughout, Mark Cavanagh and his team have built a reputation for excellence and a business that offers best-in-class service in a sector where the ongoing emphasis on integrity services is key for customers.
“XPD8 is proof that high-calibre management teams can deliver growth, even in a challenging oil & gas market.”
Mark Cavanagh, managing director of XPD8, said: “We are excited about the next phase in the expansion of our business on the back of a platform achieved with the constructive support of Maven since 2010, and an encouraging pipeline of opportunities.
“We’ve worked closely with Maven’s Aberdeen team, whose advice, support and knowledge of the sector has been a key part in our success, as well as allowing us to access industry expert advice from other Maven portfolio companies.”
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here