UK-based Dunedin has acquired a stake in EV Offshore, a manufacturer and designer of video cameras which are used to analyse problems in oil and gas wells.
Dunedin’s exact stake in the business is unclear, but it has invested £69 million, according to a statement. Dunedin did not immediately respond to a request for comment at press time.
EV was established in 2000 by Jonathan Thursby, whose video camera technology has been used by Formula 1, the FIA World Rally Championship and BBC’s Top Gear series.
EV is based in Aberdeen and Norwich. It has a further presence in 17 worldwide locations across Northern Europe, Canada, US, West Africa, the Middle East, Asia and Australasia.
The business, which has a workforce of 100, increased its turnover from £1m in 2010, to almost £20m in 2014. Approximately 85 percent of the business’s revenues are generated overseas, according to the statement.
“We see a clear opportunity for the business to broaden its product and service offering and in turn deliver significant additional growth,” Dougal Bennett, a partner at Dunedin, said.
This is the third investment that Dunedin has made from its third fund, a £300 million vehicle which closed last year above its £250 million target. Last December Dunedin acquired Kee Safety, a global supplier of safety systems and products in a £90 million management buyout, while in July, it bought Trustmarque Solutions, technology services and solutions business, from LDC.