Maven Capital Partners (Maven), the leading Private Equity and Alternative Asset Manager, is pleased to announce a £3.5 million Scottish Loan Fund (SLF) investment in energy services business Coretrax Technology Limited (Coretrax).
Set up in 2011 by the Scottish Investment Bank, the investment arm of Scottish Enterprise, and managed by Maven, the £113 million SLF provides loans of up to £5 million to ambitious Scottish businesses. Since launch the SLF has committed over £30 million in support of growth-focused companies.
Coretrax was established in 2008 and offers a wide range of downhole tools and services with applications across the well life cycle, including well bore clean-up, completion and abandonment, to the global oil & gas industry. The Coretrax suite of tools has been extremely well received by the market resulting in the business developing a good spread of blue-chip international customers as well as many of the leading North Sea operators.