Henley-on-Thames: HMT LLP advises The EPI Group on acquisition

The management team of The EPI Group (EPI) has been advised on its acquisition of leading UK-based oil and gas geoscience consultancy PDF by corporate finance firm HMT LLP, led by partners Ian Barton and Paul Read, director Holly Bedford-Bell and senior managers Julia Carruthers and Adrian Howells.

EPI is a world-class leader in consultancy services to the energy industry, covering a broad range of technical disciplines including specialist knowledge of seismic quality control. EPI provides consultants whose specialist capabilities, experience and expertise add significant value to their client’s oil and gas exploration programs. Working in a variety of harsh, hostile, remote and challenging environments, EPI’s consultants ensure multi-million-pound projects are delivered safely, on time and to budget. 

Based in Oxfordshire, PDF provides exploration and production/development advisory services, as well as acting as the Outsourced Exploration Department (OExD) for a wide range of international clients. 

The acquisition enables EPI to broaden its scope for supporting client’s explorations and development programmes as well as complementing EPI’s core operations business of supporting land and marine seismic surveys, data processing, environmental projects and wellsite operations, while introducing a new advisory arm to the organisation, providing a full suite of geoscience services. 

HMT has previously advised EPI on the MBO in 2014 and the management team was shortlisted in the Management Team of the Year category at the 2015 Thames Valley Deal Awards. 

The acquisition of PDF by EPI is a perfect example of how HMT’s fully integrated corporate finance team work together and is a one-stop shop for all transaction advisory services. Barton and Carruthers introduced the opportunity and provided lead advisory and financial modelling services to EPI on the acquisition of PDF. Read and Howells undertook financial due diligence on this transaction and Bedford-Bell advised on tax matters. 

Edward Bowen, CEO at EPI, commented: “We are delighted to announce this transformational acquisition that strengthens EPI’s technical ability, enabling us to offer a broader range of advisory services to our ever increasing client base. With a proven track record of adding significant value within the full asset lifecycle, we have a great opportunity to deliver PDF’s quality and innovative services to our global business.” 

Richard Bradley, CFO at EPI, commented: “Ian introduced PDF as an opportunity to EPI, and HMT worked alongside ourselves throughout the process with an integrated approach covering lead advisory, financial modelling, tax advice and financial due diligence which was led by Paul and Adrian. Getting this deal done required lots of senior hands on support, and everyone at HMT delivered efficient and insightful advice as well as driving the process for what will be a transformational acquisition for EPI.” 

Barton commented: “We are delighted to have worked with the management team at EPI once again and helped them identifying an opportunity that will transform their client offering. We congratulate Edward, Richard and Mark Enfield at PDF who joins the management team at EPI on the deal and are looking forward to working with them again in the future.”