BGF funding backs international geoscience companies merger
Aberdeen and Texas firms join forces to create Task-Fronterra Group
Independent investment company the Business Growth Fund (BGF) today announced it has backed the merger of two leading geoscience business with £3.8m of investment.
Task Geoscience, founded in 2001 and based in Aberdeen, and Fronterra Integrated Geosciences, founded in 2003 and based in Houston, Texas, have merged to form the Task-Fronterra Group, an international geoscience consultancy drawing on expertise from both companies.
Both companies were independent geological consultancies providing a range of services to companies in the oil and gas industry, including data processing, borehole interpretation and reservoir modelling services.
The newly-formed Task-Fronterra Group will have an international reach, with 10 offices across the Americas, Europe, the Middle East and Asia-Pacific regions and 80 scientists on its staff.
BGF, an independent investment company established by five of the UK’s largest high-street banks in order to boost the growth of UK businesses, will back the company with £3.8m of growth capital investment and take a minority stake and a seat on the board in return.
Task-Fronterra will be headed up by the founder and former CEO of Task Geoscience, Lawrence Bourke. Bourke said: “Task and Fronterra share the same culture of constantly leading our scientific field, and always putting our clients first. Task has driven innovation in borehole image analysis and in software tools for interpretation, while Fronterra is the leading presence in analysing shale gas well bores.
“The combined business will offer more opportunities for our people as well as providing a broader service to our clients and I’m excited about working to bring together two highly talented workforces and creating new jobs in the future as the company grows.
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“BGF has already invested considerable time visiting our US operations and brings a strong understanding of our business and vision. Its growth capital investment and intellectual capital provide a strong opportunity for our business.”
BGF investment director Mike Sibson, who will join the Task-Fronterra board as part of the deal, added: “Both Task Geoscience and Fronterra Integrated Geosciences have excellent reputations in the industry, and this is a really exciting opportunity to back a powerful combination.
“The people in both businesses are market leading in their fields, Lawrence has grown and sold a similar business before, and with senior input from Will Davie and John Forrest we have a really strong board to help the team deliver on their plans.”