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Maven Capital Partners leads GBP5.5m investment in Flexlife

Maven Capital Partners has led a GBP5.5m investment into Flexlife, an Aberdeen-based energy service business.



Maven has syndicated the deal with the energy sector fund Simmons Parallel Energy.

The new funding package will help support Flexlife through its next phase of development, allowing it to maximise revenues from existing customers, develop into new markets and expand the business.

Flexlife provides subsea project management and integrity management solutions to the oil and gas sector. The company has developed a patented non-invasive method of ultrasonic scanning for flexible pipes, known as risers, which connect to the subsea infrastructure, helping to identify flooding and damage at an early stage.

The business was founded in 2007 by Stuart Mitchell and John Marsden who, along with Carl-Petter Halvorsen, have over 70 years’ experience in the subsea market. The company has grown organically with no external funding or bank debt into a business with a turnover of around GBP5m. Customers include Total, Shell, Apache and Maersk.

Stuart Marsden, co-founder of Flexlife, says: “We are delighted to announce this investment which will have a major impact on Flexlife and help us achieve our growth aspirations. We have a reputation for our scanning technology for flexible pipes and risers that has helped our clients by giving 100 per cent accurate results. We are now looking forward to building on that reputation with our new products that will safeguard asset integrity.”

The Maven investment was led by its Aberdeen-based energy investment team of Jock Gardiner and Ewan MacKinnon.

Gardiner says: “Maven continues to be a very active investor in the energy service sector, and we are delighted to provide funding to the Flexlife business. The business is poised for rapid further growth and the capital we are providing will help accelerate these plans.”

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