Maven exits Cyclotech

Cyclotech, an oil and gas services company, has been sold to M-I Drilling Fluids UK, generating an exit for Maven Capital Partners.


Cyclotech, an oil and gas services company, has been sold to M-I Drilling Fluids UK, generating an exit for Maven Capital Partners.

Cyclotech, an oil and gas services company, has been sold to M-I Drilling Fluids UK, a member of Texas-based fluids engineering group M-I SWACO, generating an exit for venture capital investor Maven Capital Partners.

Maven, which invested £1.4 million in May 2007 to help Cyclotech expand operations and develop new products, realised a return of more than three times its initial investment and an IRR of more than 50 per cent.

David Hadfield, CEO of Cyclotech, said: ‘We had very favourable prior knowledge of [M-I SWACO], which made them an attractive suitor.  Our positive views were reinforced through the negotiation process and now we look forward to growing the Cyclotech businesses under the M-I SWACO organisation.’

Cyclotech uses centrifugal force to separate out water and sand in oil and gas production in the North Sea. The company operates in Aberdeen, Stavanger, Basingstoke and Singapore.

Nick Britton

Lexus Ernser

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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