BGF et al. invest in Magma

Magma is the fifth manufacturing-led business and the second oil and gas services provider that BGF has backed since the start of 2012.

The remainder of the funds were provided by Calgary-based specialist energy investor Kern Energy Partners and Copenhagen-based venture capital investor NES Partners, which focuses on new energy solutions. Kern Energy and NES first backed Magma in 2010.

The funding will be used to support Magma in building a high-tech manufacturing facility with deep water access in Southampton. The plant will have the capacity to produce up to 250km of pipe and will allow it to manufacture pipes up to 4km long that can be stored on a spool and taken away by installation vessels from the deep water quay.

Company
Founded in 2009, Magma designs and manufactures a range of high performance carbon fibre pipe for subsea oil and gas applications.

Magma has two subsidiaries: Magma Structures manufactures high performance carbon fibre structures, while M-Flow Meters' technology allows the flow of fluid in pipelines to be measured and monitored. The company employs 90 people.

People
Mike Sibson is an investment director at BGF. Martin Jones is the CEO of Magma.

Advisers
Equity – Ernst & Young (Financial due diligence); Paul & Williamsons (Legal).

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