Corrosion prevention specialist Oxifree Global has secured funding from Octopus Investments enabling it to invest in expanding its offering within the offshore wind industry.
The business will also supplement existing operations in Houston, Texas with additional facilities in Europe and the Far East.
Ed Hall, one of the Founders and MD of Oxifree, said: “We are delighted to announce this significant investment by Octopus which will enable us to expand our services within the offshore wind industry. Since we began trading in 2009, Oxifree has grown significantly and we intend to use this investment and support from Octopus to help accelerate us on the path to become a leading player in the corrosion prevention industry.”
Oxifree’s principal business activity is providing patent protected polymeric resin coatings and installation equipment for clients where existing solutions are not sustainable long term or financially viable.
Jane Vinson, a member of the Ventures team at Octopus Investments, comments: “At Octopus our goal is to find strong, talented management teams, with an innovative product, operating in a large market – and this is the case with Oxifree. What’s more, in this business we see a strong potential to expand into complementary markets, making this precisely the type of business we look to back. The worldwide sales already being achieved by Ed, Nigel Thomson the Group Sales Director and their team are promising, and we look forward to working with the business closely in the coming years.”
Oxifree’s management team and vendors were advised by JDC Corporate Finance and Mills & Reeve. Octopus completed the transaction with support from Shoosmiths, Mazars and Armstrong Transaction Services.