In 2012 Maven completed the exit from Nessco Group via a £31 million sale to RigNet Inc., a NASDAQ quoted US telecoms business. The sale generated a 3.7x return on the original investment made by Maven managed VCTs.
Nessco is a market leading provider of telecommunications services to the global energy and industrial sectors, including the design, installation, commission, and maintenance of communications solutions, VSAT networks, and mobile communications products for sale or hire.
Nessco has experienced exceptional growth since the original £15 million investment was made in June 2008, with an increase in annual revenues to over £30 million and earnings growing by over 200% to £3.5 million over the same period.
Nessco Group has been an excellent investment for Maven since we first invested with the company doubling in size, workforce, and profitability. The acquisition by RigNet provides a very successful exit for Maven clients. Nessco has a great management team which Maven has enjoyed working with over the past four years, and we look forward to the business prospering as part of the RigNet family.
Ewan MacKinnon, Partner at Maven
