Welshpool-based Hafren Scientific Group have secured their third investment from the Development Bank of Wales since 2015 with a £200,000 loan to part-fund the acquisition of X-Ray Mineral Services.
As experts in mineralogical and chemical analysis, X-Ray Mineral Services is particularly active in the Middle East with a client base that includes all the national oil companies in the region. Based in Colwyn Bay with clients also spanning the geotechnical, agriculture and recycling sectors, the team of 11 specialists regularly undertake third party outsourced work for Hafren. The acquisition will enable Hafren to create a ‘one-stop shop’ oil and gas technology centre and a base to develop innovative analytics for new mining, environmental and green markets .
Tim Pearce, Managing Director of Hafren Scientific Group said: “This acquisition adds several important components to our multi-disciplinary geoscience offering as well as enabling the diversification of our non-oil and gas service delivery capability.
“As a business, we believe that high-quality data is at the heart of robust geological solutions. Our continued success in this exciting industry is based on our commitment to quality and we have no doubt that the integration of X-Ray Mineral Services’ analytical capability and highly skilled staff will further enhance our ability to continue to innovate cost-effective data delivery to our clients.
“The on-going support of the Development Bank of Wales has been critical to our success with flexible, fast and cost-effective funding that has made all the difference to our ability to seize new opportunities.”
Stewart Williams, Portfolio Executive with the Development Bank of Wales said: “We are very proud to have taken an active role in the growth of Hafren over the last four years. This latest funding is our third investment in the business and testament to our confidence in their growth ambition and vision.
“With the support of our own Non-Executive Director Doctor Carol Bell as Chair, the business is performing exceptionally well and we wish them every success with this acquisition that further strengthens North West Wales as a growth hub for the geological sector.”
The funding came from the Wales Business Fund which is part-funded by the ERDF through the Welsh Government. It was created specifically to support businesses with fewer than 250 employees based in Wales and those willing to move to Wales.