Oil and gas services investor Epi-V has backed the £62 million management buy-out of Angus Fire.
The management team of fire fighting products and technology business Angus Fire has secured the capital it needs to lead a buy-out of the company.
Epi-V has stepped in as a backer and has taken an equity stake in Angus Fire as part of the £62 million transaction.
Angus Fire joins the likes of ballistics and producing logging technology Guardian and sand screen products business Darcy as portfolio companies at Epi-V.
Epi-V is itself backed by LDC, which provided £50 million in 2007 and then followed it up with an additional £50 million in 2011. The fund is looking to target businesses developing disruptive technologies in the oil and gas space.
New investment Angus Fire was set up following the acquisition of four trading divisions associated with Connecticut-based United Technology Corporation. It designs and manufactures fire hoses, industrial hoses, foam concentrates and engineered fire fighting systems.
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Glynn Williams, partner at Epi-V, comments, ‘Currently Angus Fire exports to over 100 countries with demand for its products continuing to increase.
‘The company is a perfect fit for our portfolio, given our expertise in the sector technology and our experience in the North American oil and gas industry.’
The new capital Oxfordshire-headquartered Angus Fire has secured through the management buy-out will be used to build out its infrastructure as well as develop products and target new oil and gas market segments.
According to a statement, Epi-V will be able to provide particular expertise in the shale fracturing sector where Angus Fire has began providing water transfer services through its industrial offerings.