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ENERGY & UTILITIES | Oil & Gas Production & Exploration
redspiders.com

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Founded Year

2003

Stage

Debt | Alive

Total Raised

$10.7M

About Red Spider Technology

Red Spider Technology supplies products and solutions for well completion and intervention, intelligent flow control and artificial lift applications. Taylor made products and solutions for the upstream oil and gas industry.

Red Spider Technology Headquarter Location

Westhill Business Centre Arnhall Business Park

AB32 6UF,

United Kingdom

Latest Red Spider Technology News

SLF invests in Merson and successfully exits Red Spider

Aug 22, 2016

Maven Capital Partners (Maven) is delighted to announce its support of Merson Signs Limited (Merson), through the provision of a facility backed by the Scottish Loan Fund (SLF). Merson will benefit from an initial £900k of funding, with a further commitment enabling it to drawdown up to £3 million in total from the SLF which is managed by Maven. The deal coincides with the announcement of the first exit for the Fund, which has seen the successful realisation of the investment in Aberdeen-based energy services business, Red Spider Technology. Founded in 1938, Merson is one of the UK’s leading commercial signage manufacturers, providing a one stop shop to its blue chip client base. The company has been involved in a number of high profile projects including Heathrow Terminal 5 and the London Olympics 2012. Services provided include initial design, sign manufacture, installation and project management followed up by on-going maintenance. Headquartered in East Kilbride, Merson has delivered impressive growth in recent years and currently employs 150 staff across the company. Funding from the SLF has been used to acquire the assets of CGL Systems Ltd (CGL). This will provide additional manufacturing capacity, enabling Merson to meet growing demand from existing clients while supporting international expansion from its established base in the Middle East. The addition of CGL to the Group will also help Merson diversify its operations and complement its existing signage divisions – Merson Signs, Merson Sign Design and Merson i-level Retail. David Milroy, Investment Director based in Maven’s Edinburgh office, who led the deal, commented “We are delighted to have supported Merson. We have been particularly impressed with the quality and strength of the management team who have a great track record and a strong client base with whom the company has forged long standing relationships. The SLF was also encouraged by the company's recent success and by its growth prospects in the Middle East where it has established a presence in recent years. " Roddy Angus, Managing Director at Merson, added “It is great to have secured a funding package that will provide the flexibility to enable the company to pursue its growth ambitions and take advantage of opportunities as they arise in the market. We are delighted that Maven was able to support Merson and we look forward to being able to call on the experience they are able to offer particularly given their track record in helping SME’s to grow.” Enterprise Minister Fergus Ewing said, "Scotland is the most competitive place in the UK to do business and The Scottish Government is working with our enterprise agencies to retain that position. Securing affordable finance remains a challenge for some firms and we are addressing this by providing the environment that will allow our small and medium sized businesses to unlock new investment. The Loan Fund is an excellent example of this and I'm encouraged to see that Merson Signs are benefiting from accessing this funding. We will continue to support these innovative, high growth companies as part of our drive to build sustainable economic growth for Scotland.” Kerry Sharp, acting head of the Scottish Investment Bank, a division of Scottish Enterprise commented, “This has been an excellent year for the Scottish Loan Fund, and it’s great to end it with the simultaneous announcement of its successful exit from Red Spider Technology and a new investment in a growing and ambitious Scottish company. It demonstrates the varied and flexible nature of the Fund; that it can be tailored to suit a wide range of different companies with growth potential and international aspirations. Merson Signs is exactly the kind of company we want to support - an established SME with sustainable operating profits and positive cash generation, operating in a growth market. This investment will help the business to expand, bringing outsourced work back in house and protect the 140 jobs in its three East Kilbride factories and offices in Aylesbury and London. We'll continue to work with Merson to help the company reach its full potential over time. " Share this article

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Red Spider Technology Patents

Red Spider Technology has filed 15 patents.

patents chart

Application Date

Grant Date

Title

Related Topics

Status

8/5/2013

6/2/2015

Oil wells, Petroleum production, Drilling technology, Robotics, Actuators

Grant

Application Date

8/5/2013

Grant Date

6/2/2015

Title

Related Topics

Oil wells, Petroleum production, Drilling technology, Robotics, Actuators

Status

Grant

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