The Business Growth Fund (BGF), a £2.5 billion fund set up in 2011 using capital from five major UK banks, has led the deal – investing in its 50th portfolio company in the process.
With both geoscience businesses focused on the oil and gas sector, the newly-formed Task-Fronterra Group will be run by Task Geoscience founder and CEO Lawrence Bourke.
Led by Lawrence Bourke, Task Geoscience will have 80 geoscientists in the field
Task Geoscience dates back to 2011, while Fronterra was set up in 2003. Both provide geological consultancies centred on data processing, borehole interpretation and reservoir modelling.
According to both the companies, the merger and investment is creating the ‘largest independent geoscience company’ specialising in the use of borehole imaging and core integration.
Bourke comments, ‘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.
‘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.’
More on previous BGF deals:
- Business Growth Fund backs Duncan & Todd
- Oil and gas investment sees BGF hit quarter century deal mark
- ACS Clothing dressed for expansion
Task-Fronterra will now have a presence of 10 offices in North and South America, Europe, the Middle East and Asia Pacific. Joining Bourke and the senior management team will be two new non-executives, Will Davie and John Forrest.
Mike Sibson, BGF investment director and new board member at Task-Fronterra, adds, ‘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.’