Maven leads £4.6m round for ISN

The fresh capital will enable ISN to expand into the Aberdeen market, making use of Maven's previous experience in the global oil & gas sector.

The majority of the capital will be drawn from Maven's portfolio of VCTs with additional funds provided by the GP's investment partners.

This is Maven's second investment in the oil & gas services industry in March 2014. The GP recently joined investment bank Simmons & Company in a £3.25m round for Glacier Energy Services. The investment was used to finance the bolt-on of non-destructible testing company Professional Testing Services.

Maven's other activities in 2014 include leading the £7.25m management buyout of promotional merchandise supplier SPS and investing £3.5m in Carlisle-based tyre manufacturer DMack.

Company
ISN is a London-based provider of IT and project management services to the exploration and production oil & gas industry. It generates a turnover of £6m and employs 50 people. The company was founded in 1999.

People
Maven partner Stella Panu led the deal. David Greenwood is managing director of ISN. Maven's investment director, Ewan MacKinnon, will take a seat on the board.

Advisers
Equity – Burness Paull (Legal); HMT (Financial due diligence); Calash (Commercial due diligence); Armstrong Craven (Management due diligence); Marsh (Insurance due diligence); Intuitus (IT due diligence); Wragges (Legal).
Company – Fladgates (Legal); CV Capital (Corporate finance).

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• Topics
• UK / Ireland
• Expansion
• Technology
• Maven Capital Partners
• United Kingdom