UK-headquartered sponsor Magnesium Capital has appointed Lincoln to explore strategic options, including a potential sale, for its drone operator portfolio company Cyberhawk, three sources familiar with the situation said.

The drone inspection and software specialist grew its revenue by 55% to USD 28.7m and EBITDA by 176% to USD 4.7m in the financial year ending March 2024, according to its Companies House filing.

Cyberhawk’s growth has come from its key regions, including the UK, the US, and the Middle East, according to a statement on its website. It also attributes its growth to the doubling in the number of unique licenses for its visual data management software iHawk, it added.

The business is benefiting from what it believes is an inherent superiority of drone-based inspection solutions over the more traditional methods of rope access or helicopter inspections, as per the filing.

Magnesium Capital, a private equity firm focused on energy and infrastructure technology investments, acquired Cyberhawk in March 2019.

Cyberhawk has a presence in the US, the UK and Qatar, and operates in over 40 countries. Among its clients are European oil giants Shell [LON:SHEL] and Total Energies [EPA:TTE] and Saudi petrochemical group Sabic [TADAWUL: 2010], providing close inspection on electrical grids, power generation sites, oil and gas structures and capital-intensive industrial construction projects, according to its website.

Magnesium Capital declined to comment. Lincoln and Cyberhawk did not respond to requests for comment.