Buckthorn Partners invests in Coretrax

Buckthorn will become majority shareholder as part of the deal, with Coretrax founder and managing director Kenny Murray taking up the CEO role and heading up the existing management team.

The parties didn't disclose the amount of Buckthorn's investment, only describing it as "substantial". The funding is earmarked to fund Coretrax's international growth plans.

Buckthorn stated it was attracted to Coretrax's differentiating technology, its management team and the overall quality of its service offering. The GP targets PE investments exclusively in the oil-field services sector, providing strategic advice and market analysis in addition to capital.

Company
Coretrax is an Aberdeen-headquartered service company that supports well construction, completion and end-of-life operations globally. It recently reported in excess of £5m of contracts secured in 2018 across its operational centres in the UK, Middle East and South-East Asia.

The company currently employs 80 people globally and plans to double in size over the next year. It will also consider strategic acquisitions.

People
Buckthorn Partners - Nicholas Gee (partner).

Advisers
Company - Simmons Energy (corporate finance).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Industrials
• UK / Ireland
• United Kingdom