Guardian Global taps into £5m
The oil field engineering company gains major investment for expansion
Oil field engineers Guardian Global Technology Group has tapped into £5m of investment.
The Welsh company, which was set up in 2004, has been backed by Epi-V which has taken a 44% share in the company in exchange for the investment.
Run by engineers Iain Maxted and Suzannah Bourne, the company designs and manufactures specialist ‘down-hole’ hydrocarbon logging tools which measure things such as pressure and temperature in oil reservoirs.
The business has seen revenues grow by 42% over the last year and recently moved to a purpose-built 15,000 sq ft facility in Pyle, Wales which has improved its capacity to deliver. Also, the business already boasts a client list of international oil field service companies such as Weatherford, Expro, Halliburton, Baker Atlas and Aker Kvaerner
The investment will be used to achieve greater market penetration, full commercialisation of its product portfolio and further technology development.
Iain Maxted said: “Over the past four years we’ve developed the capability to provide a flexible and rapid response to our customers’ challenging requirements.
“This deal is the next stage in the business’ progression as we’ve secured the backing of an investor that has invaluable sector knowledge and a strong track record of commercialising and marketing innovative new technology to the global oil and gas service industry.
“We have been approached over the years by other investors, but over the past six months we’ve formed a strong relationship with the Epi-V team and feel that their innovative management-style approach is best placed to help us quickly meet our growth potential.”
© Crimson Business Ltd. 2008