Specialist fund Epi-V launches
14 August 2007We have launched Epi-V, a specialist fund established to invest in technology-enabled businesses targeting growth markets in the upstream oil and gas services sector, with a £50 million round of funding from LDC.
The fund will target early and mid-stage businesses and technologies in the sector &mdsah; an area where there is an emerging equity gap.
We will primarily focus on equity investments of between £2million and £10million in investment opportunities which are pre-dominantly based in the UK, Europe or North America.
Epi-V will target businesses developing "disruptive" technologies which have the potential to revolutionise existing processes and which will have significant future value to international oil and gas operations. We will target businesses across the oil and gas life cycle — geological surveying, exploration, production, remedial services and site abandonment.
This fund is the first fund managed by the five-strong team of Glynn Williams, Nigel Leggett, Steve Kent, Robert Preston and John Hutchinson, who collectively have over 80 years experience in the oil and gas services sector.
The Epi-V team has a strong track record of identifying, investing in and growing businesses in the sector particularly where these have some form of disruptive technology. Previous successful investments for the team include Sensa and SPS.
We are active investors and use an innovative, scalable value creation methodology which they apply to businesses to maximise shareholder value growth and speed up the time taken to effectively develop and market the technology.
Kevan Leggett and Richard Stewart led LDC's investment in the fund and will both work with the Epi-V team through the life of the fund.
Glynn Williams, Epi-V Partner, said: "This is an exciting opportunity for businesses in the oil and gas industry that require additional funding and expertise to maximise the potential of new technologies.
"Over the past few years private equity has become increasingly focused on larger transactions in the sector and a funding gap has developed where early to mid-stage businesses find it increasingly difficult to source development funding.
"Epi-V is entirely focused on this area of the market. In each investment our team will bring to bear its combined expertise and experience to work closely with management teams to develop and commercialise their technologies.
"The combination of our expertise and the backing of a major institutional investor will see Epi-V make a real impact on the industry over the coming years."
Kevan Leggett said: "The Epi-V team's active portfolio management style is unique in the sector but very much reflects LDC's own approach to driving growth in our investments through strong relationships with management.
"Epi-V has demonstrated commitment to making the fund a success and the team boast the right mix of operational, marketing, commercial and technical skills to make this a reality.
"Crucially the fund will fill a gap in the market which will ensure emerging companies have access to the funding and expertise required to develop their products and service innovations."
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