Oil and gas services investor Epi-V has won fresh funding from private equity backer LDC to go out and seek new deals.

Oil and gas services investor Epi-V has won fresh funding from private equity backer LDC to go out and seek new deals.

The firm has also appointed Kevin Forbes as an investment partner, who brings with him 28 years’ experience at oil and gas service provider Schlumberger.

Says Forbes, ‘There is a huge number of new technologies with significant potential which will require successful companies to be built up around them in order to support effective commercialisation and market penetration.’

The amount of new funding from LDC was undisclosed. The private equity investor committed £50 million to Epi-V in 2007, when the firm was established.

Epi-V invests between £2 million and £10 million of equity in each deal and has backed seven businesses from the UK and Norway, including a manufacturer of oil field measurement equipment, a developer of drilling tools, and a specialist in technology to locate and seal leaks in pipes.