Aberdeen-headquartered SPEX Group Holdings Limited has secured a multi-million pound follow-on investment from its management team and BGF, the UK’s most active investor in growing businesses, to accelerate growth. BGF originally invested £5m in February 2014 to support the company’s expansion in international markets.

SPEX Group’s subsidiaries provide specialist explosive products and services to the oil and gas industry, including for downhole cutting, punching and abandonment.