Finance Yorkshire makes major investment in S3 ID Group
S3 ID, the UK’s market-leading provider of innovative location awareness solutions, has become the first company to receive an equity investment from Finance Yorkshire.
Based in Rotherham, S3 ID offers a range of unique and patented solutions which improve personnel safety and security in the oil, gas, petrochemical and energy sectors.
This major investment of £1.1m from Finance Yorkshire’s Equity Fund will enable S3 ID to maintain the controlled expansion it has experienced over the last three years which has resulted in the development of several new innovative products, along with the acquisition of further patents gained in new strategic sales regions around the globe
S3 ID, which also has regional offices in Norway and Singapore, has developed a unique product range from its experience of serving the on-shore and off-shore oil, gas and energy industries. Its products are ATEX certified and solutions use patented technology, time proven in operations worldwide.
Gro Kielland, chairman of S3 ID, said: “We are extremely positive about the new opportunities this investment will create. It further strengthens our operations and will allow more investment in product and business development, demonstrating to our clients our sound business standing and continuing commitment to helping our customers in the oil, gas, petrochemical and energy sectors meet the highest safety standards available for their personnel.
“Going forward, our first priority will be to ensure our customers continue to receive the same high level of service and support they expect and deserve as we drive the business forward.”
Craig Hopwood, who led this investment on behalf of the Fund, added: “S3 ID is a pretty unique business that operates within a high-tech, growth sector. This made the company an extremely attractive investment.
We believe that S3 ID is well placed to continue its expansion in the oil, gas and energy industries and we see this as a long-term strategic investment in our region for Finance Yorkshire. We are looking forward to working with Derek Gennard, Eivind Fredriksen and the rest of the management team to help achieve their growth plans.”
A strong professional team was put in place to secure the investment deal. The principal legal advisors in this process were Stephen Kitts of Eversheds and Michelle Kershaw of Pinsent Masons. Tax advice was provided by Steven Watson of Allots and banking support by Julia Drever of NatWest.
Alex McWhirter, chief executive of Finance Yorkshire, commented: “This is a landmark deal, not only for Finance Yorkshire, but also for the region. S3 ID is a global business, based in South Yorkshire, which is leading the way in new high-end technology. The investment is an indication as to the type of equity deals we are able to provide businesses to help them meet their needs for growth.”
Helping a range of small and medium sized businesses to meet their funding requirements for growth and development, Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or ring 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire