Dunedin Enterprise invests in EV Offshore Limited

RNS Number : 4477K

Dunedin Enterprise Inv Trust PLC

25 June 2014

 

Dunedin Enterprise invests in EV Offshore Limited

Dunedin Enterprise Investment Trust PLC ("Dunedin Enterprise") has, through the Dunedin Buyout Fund III, made an initial £5.9 million investment in EV Offshore Limited ("EV").

EV designs, manufactures and provides high performance, ruggedised video cameras that are used to diagnose and analyse problems in oil and gas wells.

EV is based in Aberdeen and Norwich, with R&D and manufacturing facilities in Norwich. It has a further presence in 17 worldwide locations across Northern Europe, Canada, USA, West Africa, the Middle East, Asia and Australasia.  The business currently employs 100 staff. In 2014 EV received the Queen's Award for Enterprise - International Trade, as well as winning the SPE Offshore Achievement Award in 2014.

Shaun Middleton, Managing Partner of Dunedin, the manager of Dunedin Enterprise, said:

"EV has a significant technological competitive edge operating in a predominantly untapped global market.  We see a clear opportunity for the business to broaden its product and service offering and in turn deliver significant additional growth.   This is highly representative of Dunedin's approach to investment, backing UK based hidden champions and helping them to shine on an international stage."

 

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