Cyclotech, an oil and gas services company, has been sold to M-I Drilling Fluids UK, generating an exit for Maven Capital Partners.
Cyclotech, an oil and gas services company, has been sold to M-I Drilling Fluids UK, a member of Texas-based fluids engineering group M-I SWACO, generating an exit for venture capital investor Maven Capital Partners.
Maven, which invested £1.4 million in May 2007 to help Cyclotech expand operations and develop new products, realised a return of more than three times its initial investment and an IRR of more than 50 per cent.
David Hadfield, CEO of Cyclotech, said: ‘We had very favourable prior knowledge of [M-I SWACO], which made them an attractive suitor. Our positive views were reinforced through the negotiation process and now we look forward to growing the Cyclotech businesses under the M-I SWACO organisation.’
Cyclotech uses centrifugal force to separate out water and sand in oil and gas production in the North Sea. The company operates in Aberdeen, Stavanger, Basingstoke and Singapore.