The Scottish Loan Fund (SLF) has completed a £5 million investment in energy service specialists Meta Downhole and Read Cased Hole to support their international growth ambitions.
The Aberdeen-based firms are trading companies of Read Well Services Holdings and have been operating as separate entities since 2011 to focus on their individual product lines.
Read, which also has offices in Australia, Norway and Qatar, will use the funding to support its geographic sales growth into new areas such as the Middle East and Asia Pacific regions. Meta is also eyeing further international expansion as a result of the cash injection.
Scottish Enterprise works with both companies through its account management portfolio service, and Michelle Kinnaird, investment director of the agency’s Scottish Investment Bank division, said: “Like many oil and gas companies, Meta and Read recognise the important role international activity can play in their long-term ambition and we are delighted we can help, through the SLF, to support their growth in this area.”
The SLF is managed by private equity firm Maven Capital Partners, and investment manager Chris Cooper said: “Funding from SLF is ideally suited to providing both businesses with the flexibility and financial backing that is vital in the current environment, and will allow the management to make important strategic decisions.
“SLF continues to be a supporter of the oil and gas services sector, investing in dynamic businesses that are focussed on growth and have a robust business plan with a significant global dimension.”