Investee Company – Vibration Technology Limited (Vibtech)
Investee Company Business Type – A cable-free seismic acquisition systems manufacturer
Type of Financing – Expansion
Equity Providers – The Nova Technology Fund, Generics AG, Yorkshire Fund Managers (On behalf of British Smaller Technology Companies VCT), private investors, a grant from the DTI Oil & Gas Industry Development Directorate.
Equity Leader (Individual) – Kevin Milne of Aberdeen Murray Johnstone Private Equity
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £1 million
Total Deal Value – £1 million
Other Advisors – N/A
Comments – Vibration Technology Limited (Vibtech), a cable-free seismic acquisition systems manufacturer, has received a £1 million round of financing. The Nova Technology Fund which is a specialist private equity fund backed by leading oil and gas companies, led the financing with a £350,000 investment. Generics AG, Yorkshire Fund Managers (on behalf of British Smaller Technology Companies VCT), private investors and a grant from the DTI Oil & Gas Industry Development Directorate also contributed.
Vibtech, based in Glasgow, was founded in 1996 and is currently developing a unique, patented, lightweight cable-free seismic acquisition system for use in land seismic surveys. The product uses patented cellular radio technology and aims to replace current seismic systems that are expensive, larger, heavier and awkward to operate in difficult terrain. A number of leading seismic system users have expressed an interest in assisting with field trials as soon as development work permits.
The financing will fund the completion of the design and system development stages of the cable-free seismic acquisition product.
Kevin Milne, investment director, private equity division, Aberdeen Asset Managers who lead the deal commented: “Vibtech is making excellent progress towards the development of a unique seismic acquisition system. This product will offer considerable cost savings and improved data collection abilities as well as offering environmental benefits. The management team is strong and well qualified to complete the project successfully and we are delighted that we are able to assist them with this aim”.