Bought from administrators
US billionaire Kaiser snaps up Scots subsea firm WFS
WFS provides wireless subsea devices
American billionaire businessman George Kaiser’s venture fund has stepped in to buy a wireless technology company in Livingston.
WFS Technologies slid into administration before being acquired by Oklahoma-based GKFF EnNovo, saving 19 high-value jobs.
WFS was established in 2003, and designs and manufactures internet-enabled wireless devices capable of operating in deep subsea conditions.
It has a blue-chip customer client base, mainly in the oil & gas and renewable sectors who use WFS devices to monitor performance of subsea assets.
WFS has suffered losses in recent years, incurring significant research and development costs to create its product range. Slow sales growth and funding requirements have been exacerbated by Covid-19 and the subsequent volatility in oil and gas prices.
GKFF EnNovo is committed to investing millions in the business, under the new branding of CSignum, which will allow the product range to be developed and secure jobs.
CSignum is a pioneer in creating a network of smart, wireless devices configured to provide actionable operational intelligence such as performance, condition and diagnostic insight. aIts new owner, GKFF EnNovo
It is owned by a charitable trust, the George Kaiser Family Foundation, with EnNovo Capital acting as investment advisors. Mr Kaiser is among the 100 richest people in the world and was, in 2012, one of the top 50 American philanthropists
Blair Nimmo, joint administrator and UK head of restructuring at KPMG, said: “GKFF EnNovo are committed to the future success of the business and this acquisition will provide the new owners with a fantastic base from which to drive CSignum forward.”