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Advanced Well Technologies Unveils Private Equity Partner, Plans ...
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: Cameron Manifold, Managing Director, Advanced Well Technologies Tel: +61-8 9327 3400 Mob: +61-412-000-912 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
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