Brinker Technology (United Kingdom) - Nov 2007

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01 November 2007

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Epi-V, a specialist oil and gas private equity fund backed by LDC, has completed its first transaction. Epi- V has provided pipeline integrity business Brinker Technology with £3m of development capital funding, comprised of equity and loan notes, in return for a 42% stake in the business. The deal represents the first round of venture funding for the business which had formerly received seed funding from within the oil and gas industry. Epi-V originated the deal through a prior relationship between one of its team members and one of Brinker’s founders. Epi-V anticipates growing the business by working closely with management to quickly develop the customer-focused, commercial orientation required to push the company into overseas markets and meet increased demand from existing markets. The funding will also be used to extend the technology into new vertical sectors including gas, water distribution and within the oil wells, as well as the pipes.

Company

Brinker was spun out of the University of Aberdeen in 2002 to commercialise the innovative Platelet Technology. The business has been profitable for three years, with turnover of £1.5m in 2007. Its customers include BP, Shell, Statoil, BG Group, CNR International, Dana Petroleum and Norsk Hydro. Its patented particle-based technology remotely locates and seals leaks in oil and gas production and pipeline infrastructure. This technology surpasses current methods of fixing leaks which involve costly emergency work and often an interruption of production. Brinker, still based in Aberdeen, employs 21 staff.

People

Nigel Leggett and Glynn Williams led the deal for Epi-V. Williams joins the board of the company. Francis Neill joined the company as its new managing director prior to the completion of the deal. He has 25 years’ experience in the oilfield service industry having previously worked at Schlumberger, Kvaerner and Expro.

Advisers

Equity - BDO Stoy Hayward , Alex Firth, Byron Mawdsley (Financial Due Diligence)Equity - CMS Cameron McKenna, (Legal)Equity - Willis , (Insurance Due Diligence)Management - Stronachs, (Legal)

Sourced from: UK & Ireland unquote" 358 (Dec 2007)