An Aberdeen-based “growth engine” has officially launched with the seven-figure acquisition of an oil recovery technology specialist headquartered in the Granite City.
Valor PPA started out in August created by “Scottish industry experts”, and has opened its doors with the purchase of “enhanced” heavy oil recovery specialist Cavitas Energy. The growth engine said it has thereby ensured it has added a “key player” to its acquisition strategy and overall offering as a group.
It is considering more acquisitions of complementary energy businesses to achieve a group revenue target of more than £25 million by 2023.
Valor said: “We have eagerly anticipated the Cavitas deal, and feel that it is a great fit for Valor, being fully aware of the capabilities that the team hold.”
Steve Johnstone, MD of Cavitas Energy, said the investment allows it to fast-track the development of a downhole tool with a view to launching in the UK Continental Shelf “and other globally strategic heavy oil producing regions”.