Paradigm Flow Services has secured a funding package from alternative lender ThinCats.
The loan aims to facilitate the accelerated growth of Paradigm’s fleet of specialised equipment to meet the high level of demand for both its pipeline remediation and fire protection technologies.
The transaction was introduced and advised by Bridge and York Capital Partners, while Stronachs provided legal support for Paradigm. Clyde & Co supported ThinCats on legal and Azets conducted financial due diligence.
Aberdeenshire-based Paradigm will use the loan to expand its Dry-Flo Waterless Digital Deluge Dry Testing fleet, which provides customers with the ability to not wet test for up to 10 years, while staying compliant with international standards.
Paradigm will also expand its Flexi-Coil Flexible Composite Coiled Tubing fleet, which is used for pipeline cleaning, typically when other options have been exhausted - and also for the installation of short-lead time flexible in-riser velocity and gas lift strings.
Julian Manning, chief executive at Paradigm Group, commented: “As we continue to invest in new assets to meet demand, this loan facility will allow us to further accelerate our plans and build upon the solid all-round performance achieved by our Flow Services team in 2022.
“The expanded equipment portfolio will also make our lower carbon and overall cost technologies more accessible to both new and existing customers . ”
Dave Parr, director of business development at ThinCats, added: “Paradigm has a strong track record in delivering innovative technologies which have delivered immediate customer value and significantly lowered carbon impact by disrupting conventional practices.”
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