BGF backs Aubin with £2.3m

This was the fund's fourth investment in Scotland and its third investment in the oil and gas sector – previous investments include STATS Group. The company will use the capital to commercialise its newly developed product lines, expand the sales and marketing teams, invest in on-going R&D and accelerate the next phase of its growth.

The company picked BGF from a pool of interested private equity firms, the managing director said in a statement.

Debt
A £500,000 debt facility was provided by Bank of Scotland through the government's Funding for Lending scheme. 

Company
Aubin was established in Ellon, near Aberdeen, in 1986 as a supplier of specialist cementing and stimulation chemicals used in drilling and preparing wells for production.

The company has close trade links with the Middle East and hopes to be able to capitalise on its new subsea technologies being adopted by the industry. The company's latest products are pipeline and pigging gels and gel-based technologies.

Aubin employs 19 people and generated revenues of £5m in 2012.

People
Simon Munro worked on the deal as BGF's regional director for Scotland alongside investment director Duncan Macrae, who has joined the company's board. Aubin is led by managing director Paddy Collins and has appointed Graham Philip to non-executive chairman as part of the transaction. 

Advisers
Equity – Johnston Carmichael (Corporate finance); Pinsent Masons (Legal); Blackwood Partners (Legal); Campbell Dallas (Financial due diligence). 

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