Ikon Science Limited, the leading independent provider of software and Quantitative Interpretation (QI) services to the upstream oil and gas sector, has restructured its capital base through the introduction of FF&P Private Equity (FPE), the private equity division of Fleming Family & Partners, as shareholder.

As a result of the restructuring FPE will become the largest shareholder in the Company and is prepared to make further capital resources available to Ikon in order to fund the expansion of the business.

Martyn Millwood Hargrave, Chief Executive, said "We are very pleased that FPE has come on board as a supportive, entrepreneurial investor. We anticipate that with FPE’s backing our growth strategy will generate substantial value for the benefit of our clients and stakeholders"

As part of the restructuring, Henry Sallitt, Director of FPE, who successfully built up and ran a financial services software company, AFA Systems Plc, as CFO/COO from 1996 to 2004, has joined the Board as Non Executive Director. Henry Sallitt said "FPE is delighted to be investing in Ikon and looks forward to helping accelerate the growth and development of the firm. We identified Ikon as a promising investment opportunity as it was clear that the increasingly complex oil and gas discovery and production process can be significantly improved and de-risked through the application of Ikon’s interpretative software and services."

KBC Peel Hunt, the UK investment bank, acted as intermediary. Max Royde of KBC Peel Hunt said: "We were delighted to act as intermediary on this deal given the strong heritage and track record of FPE and the exciting prospects for Ikon. We look forward to working closely with both Ikon and FPE in the future."