Maven's SLF injects £5m into Read Well Services

Both energy service companies, which have been trading independently since 2011, will use the fresh funding to accelerate their international growth in new and existing markets.

The £113m public-sector-funded Scottish Loan Fund, which has been managed by Maven since 2011, deploys mezzanine loans, usually with equity warrants, although this could not be confirmed for the Read Well deal at the time of publication.

The fund has been fairly active this year, most recently injecting £2m into Smarter Grid Solutions (SGS), a smart grid technology supplier.

Company
Both companies are based in Aberdeen. Read provides integrity and production evaluation services used during well construction, production and maintenance. It also has offices in Norway, Australia and Qatar.

Meta is a downhole isolation company aiming to guarantee the integrity of oil and gas wells, from architecture and drilling through to completion, production and decommissioning. The applications for its products range from land wells through to deepwater structures. It also operates offices in Houston, Dubai and Kuala Lumpur.

People
Chris Cooper worked on the deal for Maven.

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• Topics
• Expansion
• UK / Ireland
• Industrials
• Maven Capital Partners
• Mezzanine