Advisers B&Y facilitated the £500k capital injection and ownership buyout following a period of stagnant turnover.
"The project transformed from a requirement for working capital to a complete turnaround solution, and there was a significant level of interest from our investors from day one. I am delighted that in the end we found the right new set of shareholders, who bring with them enormous expertise in driving growth and profitability."
BGF has provided a £10m growth investment to support ROVOP as it expands its subsea operations in the UK and the Americas.
"ROVOP is a highly professional operation with a strong business model based on the best service with the best technology. BGF’s investment will support growth of the fleet both from the UK operation, but also in the Americas where we see significant opportunity."
The company completed its final EIS raise to fund pre-negotiated fixed-cost contracts without further equity dilution.
"It was always our intention to keep to the budgeted figure and save any further dilution in the company. This raise is budgeted to pay for pre negotiated ‘fixed cost’ contracts that will deliver the first characterised EHG mounted on a static generator engine thus providing VNA with a saleable solution"
The company secured backing from the Low Carbon Innovation Fund and Angel CoFund to expand its distribution network and ready its Shepherd monitor for launch.
"I was keen to find a highly innovative, original, self-sufficient company that was also turning a profit. Bactest is changing the face of the world as we know it, so I feel it is the worthy winner of the Business SME of the Year award"