The Scottish Loan Fund is to invest up to £1.5million of development capital in subsea technology and engineering firm Ennsub Group.
Established in 2012, Ennsub designs and engineers a range of specialist equipment, including deepwater deployment systems and dedicated subsea pipeline products, for use in the offshore oil and gas industry.
The Aberdeen-headquartered firm, led by Scott MacKnocher and Paul Lavelle, is supported by an engineering and assembly facility on Teeside and an expanding engineering capability in Vigo, north-west Spain.
The SLF investment will provide a “significant boost” to Ennsub allowing it to continue developing its engineering design capability, particularly in the area of deepwater winch technology. It will also enable it to grow its assembly capacity and workforce in the UK to help support the business’ growth ambitions.
Since 2011, the Scottish Loan Fund has helped companies like Ennsub to exploit market opportunities and proven itself to be a valuable source of finance for established, growth-oriented SMEs. To date, the SLF has committed over £50million to Scottish businesses to help them achieve their business plans and facilitate growth.
Chris Cooper, Investment Manager at Glasgow-based 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”.