BGF successfully exits Aberdeenshire pipeline technology firm STATS

STATS was our very first investment in Scotland and, throughout the partnership, we’ve invested a total of £16m to support the company’s growth.

18 August 2023

BGF has announced the successful exit of its investment in STATS (UK) Ltd, a market leader in the supply of pressurised pipeline isolation, hot tapping and plugging services to the global energy industry.

Founded in 1998 and headquartered in Kintore, Aberdeenshire, STATS operates globally from a network of operational bases in the US, Canada, the UK, Middle East and Asia Pacific. The business has been acquired by Mitsui & Co. Ltd, a global trading and investment company, headquartered in Japan.

STATS was BGF’s first investment in Scotland in 2012. Over the course of the partnership, BGF has invested a total of £16 million for a minority equity stake to support the company’s ambitious growth plans. The funding from BGF has enabled STATS to invest in people and product, as well as supporting the expansion of its international footprint in key overseas markets.

Today, STATS has 350 staff across the globe and a turnover of over £60 million, having quadrupled in size since BGF’s initial investment.

Richard Pugh, investor at BGF said: As a long-term investor, we are incredibly proud to have been able to support the company on its growth journey since 2012, showing our ability as a patient investor to build businesses over the long term. STATS has grown fourfold during this period, and we are confident that the new partnership with Mitsui will continue this impressive growth trajectory. This has been another strong outcome for BGF and we would like to thank the STATS team for driving this growth and wish them every success for the future.”

Leigh Howarth, CEO of STATS, said: “STATS has experienced rapid growth since BGF first backed the business in 2012. We have developed from a successful UK company into an international business of scale, operating across multiple regions, with a global reputation for excellence in the energy industry.

“BGF provided us with the strategic funding support required to move our business into the next gear and has been with us every step of the way during the past 11 years, providing guidance and support during this period of significant growth. Supported by Mitsui’s broad energy relationships and investments, we see significant further growth potential for the business and excellent career development opportunities for all our staff.”

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