Status: In Portfolio
Deal type: Management buyout
Investment date: April 2013
Aberdeen-based Axis Well Technology is a leading provider of upstream oil and gas consultancy services that had the opportunity to grow internationally and domestically – and diversify its customer base.
“When I was looking for external capital for my business, as well as an attractive price, I was also looking for a partner that I felt I could work with, who would deliver, who was flexible and responsive and who would help me and the management take the business forward to a new level. These characteristics led me to choose Elysian.”
Chief executive, Axis Well Technology
Axis’s clients are mostly independent oil and gas service companies operating in the North Sea but are increasingly worldwide.
We saw the potential to build its business by providing Axis’s specialist engineers to new and existing clients. In addition, selective bolt-on acquisitions would lead to more in-house consultants. These would often be in adjacent areas of expertise to broaden and deepen the company’s service offering.
We invested in Axis following a limited auction in which we beat competition from a trade bidder; we offered the more attractive combination of flexibility, quick decision-making and the ability to fund continued growth.
Since April 2013, we have supported the company’s development geographically and in service offering.
Under our ownership, Axis has: