The £2.5bn Business Growth Fund has sealed its eighth deal by injecting £3.8m in the merger of two geoscience businesses focused on the oil and gas sector.
Aberdeen-based Task Geoscience and Houston-headquartered Fronterra Integrated Geosciences have joined forces to become Task-Fronterra Group, with BGF taking a minority stake.
BGF said the merger had created the largest independent geoscience company specialising in the use of borehole imaging and core integration, allowing it to improve clients’ understanding of oil and gas reservoirs through analysis of well bore geology and surrounding faults and fractures.
Mike Sibson, BGF’s investment director, joined the Task-Fronterra Group board following the investment.
He said, “Both Task Geoscience and Fronterra Integrated Geosciences have excellent reputations in the industry, and this is a really exciting opportunity to back a powerful combination.
“The people in both businesses are market leading in their fields, Lawrence has grown and sold a similar business before, and with senior input from Will Davie and John Forrest we have a really strong board to help the team deliver on their plans.”
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