Elysian Capital I LP, the independent private equity fund specialising in the UK lower mid-market (Notes), has acquired in conjunction with management, the Aberdeen based oil and gas consultancy Axis Well Technology Ltd.
Axis Well Technology is a leading independent provider of oil and gas consultancy services to the upstream oil and gas sector, both UK and international. Established in 2001 by Jim Anderson, Axis has grown consistently year-on-year from its well testing focus to become an industry forerunner of integrated in-demand consultancy services throughout the well life cycle in well testing, well intervention, completions, well integrity, petroleum engineering, oil and gas production optimisation, subsurface and project management.
This acquisition will enable Jim Anderson MD and his management team to invest in the continued growth of the business with expansion overseas, together with a widening of its service offering. In the year to January 2013, Axis achieved a record turnover of £21.1M from 150 employees and consultants.
Ken Terry, CEO of Elysian Capital, said: “We are delighted to be able to support Axis Well Technology Ltd and Jim Anderson and his team in their future growth. Jim has built a very successful, market leading business in this strategically important sector. The reputation of the company and its employees and consultants is second to none and there is a very exciting opportunity to expand the business, both domestically and internationally in support of their customers’ growth”.
Jim Anderson said “This is a fantastic opportunity for the company. It gives us the access to funds, the ability to grow and develop and the means for geographical expansion. We have built a great business on our doorstep but we now want to take that model and roll it out to other locations globally. This change will give us the opportunity to expand worldwide with the opening of overseas offices and the growth of both our services and our highly qualified personnel. Elysian Capital shares our vision for the future and has impressed me with their entrepreneurial and supportive approach and outlook and I look forward to the continued success of the Axis group in our future partnership."
Paul Handsley and Alastair Dodds have been promoted to Well Operations Director and Engineering Director respectively.