Maven sells XPD8 to Smiths division John Crane

Following the deal, XPD8 will be integrated into John Crane's global business solutions group within the global end-user sales and service business.

Previous funding
Maven backed the management buyout of XPD8 in July 2010, in a deal thought to be worth in excess of £6m, according to unquote" data. Maven invested £2.2m for a significant minority stake in the company. Clydesdale provided £1.8m of debt to support the deal.

Company
Established in 2003, XPD8 is an oil and gas services company specialising in cost-effective asset management and integrity management services. The business offers bespoke software tools and engineers to deliver its consultancy services. Integrity management concerns the controlling of costs and maximisation of production of oil and gas sites while maintaining the safety of ageing infrastructure.

Headquartered in Aberdeen and with a further office in London, XPD8's customers include Tullow, Aker, Apache, CNR and Wood Group.

People
Jock Gardiner is a partner at Maven. Mark Cavanagh is managing director of XPD8. Duncan Gillis is president and CEO of John Crane.

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• Exits
• UK / Ireland
• Industrials
• Maven Capital Partners
• Trade sale