Exited Investments
Initial Investment: February 2013 (Fund III)
Exited May 2021

Dulevo is a top manufacturer of high-performance road sweepers with a premium brand and global presence.

Dulevo was sold to the Fayat Group.


Initial Investment: February 2013 (Fund III)
Exited January 2019

Lampogas is a 60-year old market leader in liquid petroleum gas (LPG) sales and distribution in northern and central Italy.

Lampogas was sold to Autogas Nord.


Initial Investment: December 2011 (Fund III)
Exited October 2018 - June 2021

ICD is an onshore drilling company specially created to offer state-of-the art contract drilling services for unconventional basins. Its focus is the US oil-shale market, where it operates a growing fleet of shale-capable rigs designed and built in its Houston, Texas rig yard.

The Fund's shares in ICD were disposed of on the NYSE.


Initial Investment: October 2006 (Funds I, II and III)
Exited May 2016

Fairfield Energy Limited was an oil and gas exploration and production company focused on the appraisal and development hydrocarbon resources in the UK North Sea. All shareholders exited at nil value following the shutdown of Fairfield's principal operations which had become uneconomical with the drop in the oil price in 2015.


Initial Investment: October 2007 (Fund II)
Exited April 2015

Headquartered in Houston, Southwest Oilfield Products, Inc. (formerly GES), is a premier oil and gas equipment manufacturer providing innovative well service equipments and frac & mud pumping solutions to the world's leading oil & gas exploration and production companies. With over 60 years of pump experience, Southwest aims at providing best in class products and services to the global energy industry. The company was acquired by American Block Company, a privately held leading manufacturer of oilfield and marine equipment based in Houston, Texas.


Initial Investment: June 2013 (Fund III)
Exited September 2016

Based in Cambridge, UK, ARKeX was a leading provider of non-seismic imaging services for the oil & gas and mining exploration. The company entered administration in September 2015 following a severe drop in its revenues as E&P companies slashed their exploration spending.



Initial Investment: November 2007 (Fund II)
Exited September 2014

Oilflow Solutions is an oil services company formed in 2005 in the UK to develop a portfolio of water-based polymers which reduce the viscosity of heavy and viscous oil, allowing them to be produced and transported like conventional oils. Oilflow Solutions sold its sole operating subsidiary to Canada's Secure Energy Services.


Initial Investment: June 2010 (Fund III)
Exited May 2012

Socotherm Group is one of the largest global suppliers of Pipe Coating and Insulation Services in the five continents and is the largest supplier of Pipe Insulation Services for the Deep Water Industry with the most advanced technology. The group is active worldwide with two geographical business areas of operations. The first area has its head office in Italy and includes Europe, Middle East, Africa and Asia Pacific countries. The second area has its head office in Argentina and includes North and South Americas.

Socotherm was sold to 4D's co-investors in June 2010 and is now part of the Shawcor Group.


Initial Investment: April 2003 (Fund I)
Exited: November 2007

Italiana Energia e Servizi S.p.A. is headquartered in Mantua, Northern Italy, and is engaged in the refining of crude oil and the marketing of petroleum products. Its main assets are a crude oil refinery (current capacity 2.6mm tpa) located in Mantua, an import terminal and storage facilities in Venice, and a crude pipeline linking the import terminal and the refinery. The company developed a retail distribution network of approximately 200 service stations, mainly under service contract, serving the local market.

IES was sold to MOL, the Hungarian Oil & Gas company, in July 2007.


Serimax Initial Investment: May 2004 (Fund I)
Exited: June 2010

Serimax is headquartered in the suburbs of Paris, France, and is the leading independent provider of automated welding services to the pipeline industry. It provides reliable and fast welding services and equipment in high cost or complex situations, and its solutions are applied offshore, and/or where complex metallurgy or clad pipelines require highly skilled and consistent welding operations.

The company merged with UMAX, the leading operator of welding spoolbases globally, in 2006 and was sold to Vallourec in June 2010.


Initial Investment: December 2003 (Fund I)
Exited: June 2005

Geoservices, headquartered close to Paris, France, is a global leader in mud-logging, a critical niche business in drilling operations, and provides a number of services that help oil and gas companies to evaluate hydrocarbon reservoirs and to optimise field appraisal, development and production.

Fund I sold its investment in Geoservices in June 2005 and the company was subsequntly acquired by Schlumberger.


Current InvestmentsExited Investments