SPEX Group marks latest BGF investment with £5m growth capital
Aberdeen oil and gas service provider to ‘accelerate’ tech development and expand into global markets
Specialist oil and gas technology provider SPEX Group (SPEX) is the latest company added to the Business Growth Fund’s (BGF) investment portfolio after closing £5m in growth finance.
Founded in 2009, Aberdeen-based SPEX provides in-house services to the offshore industry which includes explosives, cutting, punching and abandonment capabilities, and operates across 20 countries, including the US, Mexico and Saudi Arabia.
Clients use its offering to design, develop, test and manufacture energetics and non-energetics technologies for a range of applications and solutions in order to “solve some of the industry’s biggest challenges”.
It intends to use the investment to fuel the advancement of its own tools and technologies with third party consumers, and it will also go towards recruitment of additional staff to support its international growth.
The deal, which is BGF’s fourth investment in Scotland this year, builds on a series of recent rounds led by the venture firm including 3sun Group and Mono Consultants, with a “strong pipeline of opportunities [scheduled] for the rest of the year.”
Jamie Ogg, SPEX CEO and founder, discussed the company’s plans moving forward:
“This financial support from BGF can speed up our response, allowing us to invest in people, tools and manufacturing equipment while allowing SPEX to maximise the potential of existing technologies that the company believes will be transformational for well control.
“BGF’s combination of capital and support was perfect for SPEX, and we are very pleased to welcome them on board.”
BGF’s investment director, Mike Sibson, who has joined SPEX’s board as part the deal, commented:
“SPEX has built an excellent position based on a unique set of skills, and has exceptionally strong engineering capabilities. It is an ambitious team with a vision to build an international business. We look forward to working together to achieve the vision.”