Maven Capital Partners, the private equity spin-out of Aberdeen Asset Management, has sold oil and gas service provider Cyclotech to M-I Drilling Fluids UK achieving 3x return on the initial investment.
Maven’s clients, having originally invested £1.4m in May 2007, received an IRR of over 50% on the transaction. Maven invested in Cyclotech to enable the company to develop and expand its existing operations. According to Maven, Cyclotech has achieved a trebling of growth in annual revenues.
Partner at Maven in Aberdeen, Jock Gardiner said: “This is a real success story for all involved. The capital we provided enabled Cyclotech to fast-track their growth and, as a result, they have attracted a trade buyer, helping to realise value for our investors and the management team at Cyclotech.”
Cyclotech specializes in the North Sea oil and gas services market, providing separation technologies and processes for the upstream oil and gas industry.