Maven Capital Partners (Maven), one of the UK’s leading private equity houses, has invested £5.4 million in GEV Group (GEV), a fast growing and diversified organisation with a key focus on the renewable sector.
The business comprises four main divisions which operate across multiple markets and global locations; GEV Wind Power, Subsea Masters, Oxifree and GEV Offshore.
The transaction will provide the business with the additional development capital it needs to support its ambitious growth plans. Highly regarded for its project delivery, quality of people and its innovation in its products and processes, GEV is well positioned to capitalise on the projected growth in wind power, driven by global emissions and fossil fuel reduction targets.
The Group’s largest entity, GEV Wind Power, is one of Europe’s leading wind turbine blade inspection and repair specialists. Based in Hull, it has established key relationships with wind farm owners and the World’s leading wind turbine manufacturers.
The business has grown significantly in recent years; employing 145 staff. Its turnover now exceeds £10 million. Alongside the funding provided which will support CEO David Fletcher deliver his growth plans, Maven made the introduction between GEV and its new Chairman, Ron Smith, who sat on the executive management board of Siemens UK between 1997 and 2010.
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GEV CEO David Fletcher said the board was “delighted to announce this significant investment by Maven Capital Partners”.
“EV has successfully grown its operations over the past few years and has been successful in retaining a strong presence in its traditional oil and gas markets, together with developing a market leading position in the renewables sector, for the provision of wind turbine blade maintenance activity,” he continued.
“The investment secured through Maven will provide the catalyst required to fund further expansion in the key areas of our business and allow for the required infrastructure investment to support our growth ambitions.”
Maven partner Andrew Ferguson added that the firm was attracted to GEV as it was a chance “to invest in a genuinely niche business, operating across diverse markets and geographies”.
“The management team is highly committed to growing the business and delivering on the company’s strategic plans, and this is evidenced by their own personal long-term financial commitment to the company,” he said.
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