Oxifree Global, corrosion prevention specialists, has secured funding from UK venture capital firm Octopus Investment to invest in expanding its offering within the mining sector, while also enabling the company to implement additional resources to support its global distribution and end user base. The business will also supplement existing well established operations in Houston, Texas with additional facilities in Europe and the Far East.
Ed Hall, one of the Founders and MD of Oxifree, commented: “We are delighted to announce this significant investment by Octopus, which will enable us to expand our services within the mining sector. Since we began trading in 2009, Oxifree has grown significantly and we intend to use this investment and support from Octopus to help accelerate us on the path to become a leading player in the corrosion prevention industry. We are also excited by the opportunity this investment gives us to provide additional support to our excellent Global distributor and end user base.”
Jane Vinson, a member of the Ventures team at Octopus Investments, stated: "At Octopus our goal is to find strong, talented management teams, with an innovative product, operating in a large market and this is the case with Oxifree. What's more, in this business we see a strong potential to expand into complementary markets, making this precisely the type of business we look to back. The worldwide sales already being achieved by Ed, Nigel Thomson the Group Sales Director and their team are promising, and we look forward to working with the business closely in the coming years."
JDC Corporate Finance and Mills & Reeve advised the company’s management team and vendors. Octopus completed the transaction with support from Shoosmiths, Mazars and Armstrong Transaction Services.
Dave Howes, Director at JDC Corporate Finance, said: “I am delighted to have advised the shareholders and management team on this exciting deal. JDC’s expertise allowed us to run a competitive process to find an investor in Octopus with an excellent fit to meet the objectives of Oxifree. The investment will enable the Group to further accelerate its growth and capitalise on the large market opportunity that exists for its products and services.”
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/mining/27082015/oxifree-global-expanding-its-offering-in-the-mining-sector-2786/