24 January 2019

SPEX Group secures multi-million pound follow-on investment from BGF and management

Aberdeen-based SPEX Group has raised additional capital to accelerate its growth and product innovation.

Aberdeen-headquartered SPEX Group provides specialist explosive products and services for the oil and gas sector through its subsidiaries.

SPEX Group has secured a multi-million pound follow-on investment from BGF and its management team to fund further growth and product development. BGF previously backed the company with a £5m investment in 2014.

The firm specialises in explosive products and services for the oil and gas industry, including downhole cutting, punching, and well abandonment solutions.

From the founder

"This investment will help SPEX Group to support innovative solutions to some of the biggest challenges facing the oil and gas industry. We’ve increased the offering to ensure that SPEX Group continues to support opportunities that deliver solutions that improve safety, integrity and production, while enhancing and protecting the clients’ reputation and optimising their assets."

James Oag

CEO at SPEX Group

Investor perspective

"We’re really proud of the progress that the team at SPEX Group has achieved over the past few years. We are always keen to continue to support our portfolio companies to deliver growth over the long term, and we are delighted to invest alongside Jamie and the team to continue development of a really exciting business."

Mike Sibson

Investor, BGF