Venture Capital firm Maven Capital Partners has exited its investment in WEMS International in a deal which sees WHEB Partners lead a £13 million investment in the firm.
Wireless energy business WEMS International has secured the backing of WHEB Partners and Hermes GPE through the Hermes GPE Environmental Innovation Fund.
The transaction represents a profitable realisation made on Maven Capital Partners’ June 2010 investment through its Capital for Enterprise Fund A.
WEMS, formerly Adam Communication International, provides building energy management systems to reduce energy costs and carbon emissions.
During Maven’s involvement in the Stockport-based company, WEMS has grown its sales from £6 million to £12 million.
Following the deal Steve Dillon, co-founder of the business alongside Joe Blower, will stand down and take retirement.
Dillon adds, ‘The Maven CfE investment has allowed the WEMS management team to deliver significant growth for the business during an exciting period in the company’s 22 year history.
‘The Maven team has been extremely supportive of our plans throughout and I am confident that the company’s success will continue as it enters its next stage of development.’
Chief executive Ivan McKeever has also left the company having joined in 2011 to attract new investment.
The £75 million CfE Fund is a government-backed scheme launched in 2009 to help small and medium sized enterprises in the UK access capital.