UK’s drilling waste management firm TWMA has secured an important strategic partnership and substantial investment from Buckthorn Partners.
TWMA said on Wednesday that the undisclosed funding package from Buckthorn, a specialist oilfield services investment firm, would allow TWMA to accelerate its plans for global growth and product and service expansion, and further investments in research and development.
The company added that Ronnie Garrick would continue as the CEO of TWMA while Tony Branch would join the management team to support the planned development, growth, and expansion of the business.
Before joining TWMA, Branch was the president of regional operations at Weatherford. Nicholas Gee from Buckthorn Partners joins the company as chairman.
Ronnie Garrick said: “We are very pleased to welcome Buckthorn as investors. We are delighted to have Tony joining our team and are looking forward to working with him on further building TWMA.
“Securing this investment demonstrates confidence in our business and TWMA’s ability to develop our offering on a global scale. Despite the downturn, we’ve grown significantly over the past few years, particularly in the Middle East.”
Tony Branch added: “This initial investment together with access to further capital will allow the company to expand its expertise and its geographical footprint. Our international expansion plans in new and existing regions are crucial for long-term sustainable growth and the TWMA team look forward to driving these further.”
Regarding the investment and partnership, Nicholas Gee said: “Our objective is to further develop the business both organically and through M&A to expand further geographically and bring new products and services that will add further value to our customers.”
TWMA said that the institutions supporting this Buckthorn transaction included BMO Global Asset Management, Souter Investments Limited, and Aberdeen Asset Management.