ProVen Legacy Provides Growth Finance to Cryotanks
Funding will enable the continued growth of the specialist provider of cryogenic equipment.
Beringea today announces that ProVen Legacy has provided £500,000 in growth finance to Cryotanks. The business, based in Northern Ireland, specialises in the supply of industrial gases and the rental, supply, installation, inspection and maintenance of cryogenic vessels, vaporisers and all associated equipment throughout the UK and Ireland.
The funding provided was tranche over two investments made in January and May of this year, and it will be used to finance the acquisition of cryogenic tanks, which will in turn be rented to customers of Cryotanks. These gas tanks have a useful working life of more than 20 years, providing a steady income stream and growth opportunities for the business.
Cryotanks is managed by Gareth McClean, an entrepreneur who owns three independents, yet closely-linked, businesses focused on the industrial, laboratory, and medical gas industries. The equipment and industrial gases supplied by Cryotanks are used across a range of industries including pharmaceuticals and healthcare, food production, hi-tech manufacturing, and universities.
In 2000, Gareth formed Pipeline Solutions NI, which focuses on the installation and maintenance of industrial gas systems, closely followed by Cryotanks. Further development in 2007 led Gareth to expand into medical gas systems and establish Hospital Pipeline Installations Ireland.
Andrew Webster, Investment Director at Beringea, the Lending Adviser to ProVen Legacy, commented: “The funding that we have provided to Cryotanks reflects our conviction that Gareth and the management team have the drive, experience, and expertise to grow this specialist business. Demand for cryogenic equipment across Cryotanks’ core markets is strong, and there is plenty of potential for growth.”
Gareth McClean, Managing Director of Cryotanks, commented: “We would like to thank Trevor Finlay from Vision Asset Finance Limited for introducing me to Andrew Webster from Beringea. Andrew showed a lot of enthusiasm in our vision for the future of Cryotanks and we look forward to working together in the future.”
ProVen Legacy was launched by Beringea in 2017 as a specialist lending company focused on providing debt finance to UK-based SMEs. Investments support growing companies across a range of industries as they enter the later stages of their scaling journeys, offering loans of up to £5 million.
Pictured from left to right is –
Trevor Finlay – Managing Director Vision Asset Finance Ltd
Gareth McClean – Director Cryotanks Ltd
Andrew Webster – Investment Director Beringea