Advanced Well Technologies Unveils Private Equity Partner, Plans Overseas Expansion
PERTH, Aug 27, 2007 – Advanced Well Technologies (AWT) advised Monday it will expand its domestic and
international operations to take advantage of strong demand for engineering consultancy services in the oil
and gas sector.
AWT managing director Cameron Manifold said the expansion is underpinned by a capital injection from new
boutique private equity firm Propel Investments. Propel will manage an initial 30% stake in the privately-held
company on behalf of their client, a substantial Australian superannuation fund. Terms weren’t disclosed.
Mr Manifold said that through experience of its principals and their interest in this high growth sector, Propel
Investments has identified AWT as a leader in the provision of engineering and consulting services to the
Australasian oil and gas market.
”AWT is delivering innovative solutions in green field development and brownfield refurbishment during a
period of intense demand in the energy and resource sectors,” he said.
“Armed with this significant capital injection from Propel Investments, AWT will immediately instigate a
substantial expansion programme which has been in planning for more than 12 months. With our specialised
skills and established regional foundation, AWT is confident this expansion strategy will further develop our
market share,” Mr Manifold added.
“We will also consider appropriate, complementary acquisitions when the right opportunities emerge. Our
expansion will focus on Australia and our existing operations centres including Malaysia, India, New Zealand,
the Middle East and Europe,” he said.
AWT was established in October 1996 by its four founders, including Mr Manifold, who will continue as
managing director and retain a significant ownership interest. The Perth-based company has around 100
engineering and support personnel.
This investment in AWT continues the successful focus by Propel Investments on mid-market opportunities.
Led by former DB Capital Partners executives Peter Dowding and Albin Kurti, Propel Investments is
Deutsche Bank’s former direct private equity business in Australia.
Mr Dowding has joined the board of AWT.
For further information:
Advanced Well Technologies
Tel: +61-8 9327 3400
P&L Corporate Communications
Ian Pemberton David Lording
Ph: +61-2 9241 6044 Ph: +61-2 9241 6044
Mob: 0402 256 576 Mob: 0419 683 411