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PRIVATE EQUITY
 

News Room

May 2007

Aberdeen Asset Managers Growth Capital invests £1.4m in Cyclotech

Aberdeen Asset Managers Growth Capital (“AAMGC” or “Aberdeen”) has provided development capital funding for Cyclotech, a provider of innovative separation technologies and processes to the upstream oil and gas industry.

Founded by Managing Director Dave Hadfield, Cyclotech focuses on the design and manufacture of process solutions centred around its proprietary hydrocyclone technologies. These are used in oil and gas production processes to handle produced water and sand, enhancing production and meeting ever tightening environmental requirements. The business, which employs 25 people, operates from a principal office in Basingstoke and has sales offices in Aberdeen and Stavanger in Norway.

Aberdeen provided £1.4m of equity funding that will be used in a number of areas including product development, additional management appointments, people resource and new offices in Houston and Singapore. Jock Gardiner led the transaction on behalf of Aberdeen.

Jock Gardiner, Investment Director, Growth Capital, commented:

"We are delighted to have completed this investment and look forward to working with Dave Hadfield and his team. Cyclotech provides a niche technology in a growth area and has an excellent management team led by Dave Hadfield. Our investment will enable Cyclotech to capitalise on the significant opportunities currently present that will take it to the next stage in its development.”

Dave Hadfield, Managing Director, Cyclotech, commented:

"There is no doubt our sector of the upstream market offers huge opportunities. In Aberdeen Asset Managers we have found a partner who shares our vision and is willing to make the necessary investment to make that vision a reality. We look forward to working with Jock Gardiner and his team in what we are certain will be a very exciting time for all of us at Cyclotech”

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