Axis Well Technology

axis-well-technology

Axis Well Technology

Axis Well Technology

Sector: Energy

Status: In Portfolio

Fund: I

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.

Axis Well Technology

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“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.”

Jim Anderson

Chief executive, Axis Well Technology

Axis Well Technology

Axis investment rationale

Investment rationale

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.

Creating value

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:

  • Secured significant new contracts throughout the Middle East and Africa, reducing its exposure to the North Sea.
  • Added business lines such as subsea engineering and due diligence services.
  • Continually targeted niche and complementary acquisition opportunities.
  • Substantially reduced net acquisition debt through strong cash generation, strengthening the business despite a low oil price.
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