Gimv invests €7m in Well Services

The company's founder and CEO Geert Prins and its management have also invested in the deal.

Well Services will use the funding to expand its fleet with the aim of entering new markets.

Gimv has been having a busy end to the year. Last week the firm invested more than €10m in 3D visualisation company Mackevision Medien for a majority stake; led a €9m funding round for French online retailer of children's fashion Melijoe.com alongside CM-CIC Capital Privé; and generated a 4.6x return on the $840m sale of Dutch biotech Prosensa to BioMarin Pharmaceutical.

Company
Founded in 2005, Well Services is headquartered in Emmen, the Netherlands, with additional offices located Istanbul, Singapore, Hannover in Germany, and Wakefield in the UK. The company also recently announced the opening of a new office in Rotterdam.

Well Services comprises three divisions: Coil Services, which specialises in using coiled tubing to clean and regenerate existing onshore and offshore oil & gas wells; Pipeline Nitrogen Services, which provides maintenance services for oil & gas infrastructure, including the cleaning and inspection of oil & gas pipes; and Slickline Services, which installs plugs and measurement equipment in oil & gas wells.

The company employs 400 staff across five countries.

People
Geert Prins is the founder and CEO of Well Services. Floris van Oranje is head of Netherlands activities at Gimv.

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• Topics
• Expansion
• Benelux
• Industrials
• Netherlands
• Gimv