Dunedin backed EV Offshore (“EV”), which designs, manufactures and provides high performance, ruggedised video cameras that are used to diagnose and analyse problems in oil and gas wells, has completed the acquisition of Epidote Limited (“Epidote”). The transaction value is undisclosed.
Investment in the oil and gas industry has been affected by low oil prices. However, EV is an example of a business that is positively bucking this trend, investing in a strategic capability that will allow it to best support the needs of its clients.
Dunedin backed the £69m MBO of EV in June 2014.
This is the 11th acquisition to be made by a Dunedin backed company in the last twelve months.
Based in Aberdeen and established in 1999, Epidote is a software company specialising in the presentation and analysis of oil and gas well integrity data. The acquisition of Epidote will enable EV to diagnose problems in oil and gas wells faster and more effectively.
Oliver Bevan, Partner of Dunedin who sits on EV’s board, commented: “Dunedin continues to work alongside the management team to support the growth of EV in what has been a turbulent time for the sector as a whole. This acquisition illustrates our commitment to enhancing the company’s technological offering in order to reduce costs and improve results for its clients. It also forms part of EV’s wider strategy to broaden its service offering, and in turn achieve significant growth.”
Jonathan Thursby, Founder and Technical Director of EV, commented: “The acquisition opens up many new and exciting possibilities for EV and allows us to reinforce our position as the world leader in downhole diagnostics.”
EV is the market leader in downhole video, splitting its headquarters between Norwich and Aberdeen, and employing 120 employees. EV continues to expand and currently operates in more than 35 countries.