Oilfield services firm Coretrax Technology has won £3.5million of backing from a Scottish Government loan fund.
The Aberdeen-based firm, which was established in 2008, offers downhole tools and services including well bore clean-up, completion and abandonment
Maven Capital Partners, which manages the £113million Scottish Loan Fund on behalf the government, said Coretrax has carved a “niche in the market” by being able to provide a bespoke services quickly and efficiently.
The funding package will allow Coretrax to expand its existing Middle East operation, having already won contracts in Saudi Arabia.
Kenny Murray, Managing Director at Coretrax, said: “As a team we felt Maven had a real understanding of our business and recognised our aspirations for future growth. We are delighted that Maven and the SLF have committed to support Coretrax. 2013 was an immensely successful year for the company and, thanks to this investment, we look to meet and surpass targets in the coming months.”
Kieran Good, Investment Manager at Maven, said: “Coretrax is an excellent example of a high growth business which is ideally suited to take advantage of the flexible long term capital the Scottish Loan Fund can provide.
“Kenny and his team have a superb track record of delivering growth on the back of innovative technology and impeccable customer service and we are delighted to be on board. SLF funding has proved to be a perfect fit for what the business is trying to achieve and we are pleased to support this dynamic Scottish SME with its growth plans.”
Set up in 2011 by the Scottish Investment Bank, the investment arm of Scottish Enterprise, and managed by Maven, the SLF provides loans of up to £5million to high-growth Scottish businesses. Since launch the SLF has committed over £30million to companies.
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