Mar 2013 – GCP backs Scopus Engineering in its fourth investment in 9 months, in a deal valued at £13 million
Aberdeen oil and gas services business, Scopus, secures £13m investment to support growth
GCP makes fourth investment in 9 months – John Forrest appointed as Chairman
Aberdeen – 13 March 2013 – Scopus Engineering, a leading provider of Laser Survey Services to the oil & gas industry worldwide, is pleased to announce that it has received a £13 million growth capital investment from Growth Capital Partners (GCP), the provider of blended equity and debt to the UK’s small to medium sized businesses.
Scopus was founded in 1991 by Andy Inglis and Tom Bryce who will continue to be majority shareholders and lead the business forward.
In addition, Scopus announces the appointment of John Forrest as Chairman. An experienced oil and gas executive, John is the former UK head of Canadian oil & gas company Talisman Energy and a former Director of Mobil North Sea Limited.
Scopus’ core activity is conducting precision laser surveys offshore capturing data for use in engineering and fabrication. Its survey engineers are all fully qualified graduates from the UK and abroad, who have received extensive training in Scopus’s unique in-house training facility. Scopus employs a total of 180 surveyors, engineers, 2D and 3D draftspersons.
With a strong position in the North Sea, Scopus’ customers include international oil companies and major contractors who use its service to support on-going, essential construction and maintenance work. The company has successfully developed operations in Azerbaijan, Malaysia Brunei, with offices in Abu Dhabi and Thailand being opened this year.
GCP will take a minority stake in the business and will have a seat on its board.
The new investment of £13 million will support the company’s continued ambitions to grow locally and internationally.
Scopus has demonstrated a consistently high level of growth – over 20% per year since 2010, increasing turnover to c£18m for the current year.
This sector is currently enjoying rapid growth due to significantly increased investment in the offshore oil & gas industry.
Andy Inglis, Founder Director of Scopus said:
“I am delighted to welcome GCP as a new investor in the business. GCP will provide the new investment to fuel the ambitious plans we have to expand the business and to build on our leading market position. The appointment of John Forrest will assist in developing our strategy and steering our exciting plans. The international opportunity is huge and we expect to build on our success to date in developing new territories. It’s great news for our customers and our staff, as we go forward.
I would like to thank our legal and accounting support teams Stronachs and Johnston Carmichael for their great patience and advice throughout the past several months.”
John Forrest, Chairman of Scopus said:
“Andy and Tom have done a brilliant job in building Scopus into a leading player and I am really looking forward to joining them on the next stage of the journey. There are huge growth opportunities in this exciting industry, and GCP coming on board will help deliver that growth.”
Kirsty McDonald, Investment Director at GCP, commented:
“Scopus is a fantastic business that has grown impressively and has capitalized on the favorable market dynamics and robust maintenance driven demand. The business has stayed at the forefront of the dimensional control market through its innovative approach to training its people and offering a compelling proposition to its customers.
This is our fourth investment in nine months and supports our ongoing strategy of backing some of the very best businesses with our flexible funding structures in order to support them in their next phase of growth. We have been targeting the oil & gas sector and are delighted to have found such a great business to back in Aberdeen.
We recognised this was an attractive opportunity to get alongside two dynamic and highly experienced entrepreneurial founders with deep sector knowledge. Our flexible funding will give Scopus additional firepower to fuel the next phase of growth in the UK and Internationally. We are also delighted to welcome John Forrest into the business who brings a wealth of additional experience in the global E&P sector most recently with Mobil and Talisman.”