The Scottish Loan Fund (SLF) will invest £1.5 million of development capital in the subsea technology and engineering firm Ennsub Group.
The company headquarters in Aberdeen is supported by an engineering and assembly facility based on Teeside and an expanding engineering capability in Vigo, North West Spain. Ennsub, which has grown year on year since inception, is led by Scott MacKnocher and Paul Lavelle.
The investment will provide an important boost to Ennsub allowing it to continue to develop its engineering design capability especially in the area of deepwater winch technology. The funding will also enable the business to expand its assembly capacity and workforce in the UK to help support the growth ambitions of the business.
Despite a recent contraction on capital expenditure due to lower oil prices, subsea activity remains strong as the operating and maintenance of existing equipment is still vital, due to the tightly regulated quality, safety and reliability controls in place across the industry.
Chris Cooper, Investment Manager at Maven Capital Partners, said: “Ennsub is an excellent example of a business with market leading technologies which is ideally suited to take advantage of the flexible long term capital the Scottish Loan Fund can provide. Scott and Paul have a wealth of experience in the subsea sector and have a proven track record of innovation and design excellence. We are delighted to be able to provide them with SLF funding which is a perfect fit for what the business is trying to achieve and support then with their strategic growth plans.”
Scott MacKnocher, Managing Director at Ennsub, added: “We are very pleased to have secured this funding package aimed at supporting Ennsub through its next stage of growth and one which allows us to capitalise on the foundations we have laid over the past two years, particularly in terms of developing industry-leading technologies which meet the needs of our customers. We are confident that the subsea-industry as a whole is moving into a phase where innovation and efficiency are key drivers and such an environment is one in which Ennsub can thrive".
Adapted from press release by Joseph Green