Wales-based oil services business Guardian Global Technology has sold a 44 per cent stake to specialist oil and gas fund Epi-V for £5m (€6.25m).
Guardian Global, which was established in 2004, is a manufacturer of specialist measurement equipment used in oilfield production across the globe.
The company’s products are used to measure variables such as pressure, temperature and flow within a well bore in order to monitor hydrocarbon production from the oil reservoir.
Guardian Global’s customer base includes Weatherford, Expro, Halliburton, Baker Atlas and Aker Kvaerner.
The business, which saw revenue grow by 42 per cent over the past year, recently moved to a 1,395 sq m facility on Pyle, Wales.
“This deal is the next stage in the business’s progression as we’ve secured the backing of an investor that has invaluable sector knowledge and a strong track record of commercialising and marketing innovative new technology to the global oil and gas service industry,” said Guardian Global Technology managing director Iain Maxted.
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