Deritend Industries announce £2m expansion strategy from funding boost
Deritend Industries – the leading industrial maintenance, service and repair group – has secured a £2 million cash injection to fuel an expansion of the business. The investment comes from Maven Capital Partners which specialises in fast growing companies across the private and small cap arena and jointly manages the Capital for Enterprise Fund (CfE Fund) - a government initiative to attract capital for successful UK businesses.
The investment made by the CfE Fund will support Deritend’s ambitious growth strategy, which includes development of its energy efficiency consultancy services to industrial customers.
Richard Hale, Group Managing Director, Deritend Industries said: "The investment by Maven using the Capital for Enterprise Fund will underpin our growth strategy. It provides us with the stability to further develop our business close on the heels of expansion of our engineering centre of excellence in West Bromwich and site services business in Ashby.
“Our stated aim is to consolidate our leading position as the outsourced repair and maintenance partner of choice for British business, working closely with a range of sectors including manufacturing, food and beverages and utilities.”
Andrew Ferguson, Partner at Maven, said, "Deritend Industries has an impressive record as a national business introducing innovative value added services such as online maintenance information and whole-life asset management including condition monitoring, thermal imaging, vibration analysis and energy efficiency improvements, to an impressive blue chip client base. The senior management team have exciting plans for the business and Maven is delighted to be able to provide this investment from the CfE Fund at a critical time in the company’s development. This again demonstrates the value of the CfE fund in supporting growing UK businesses.”
About Deritend (www.deritend.co.uk)
Deritend Industries is one of the UK’s fastest growing and most dynamic maintenance services organisations, encompassing several specialist engineering operations within the group. The largest component of the group, Deritend, operates onsite electromechanical engineering teams and a nationwide branch network including engineering workshops placed strategically across the UK. The Group also includes a large UK based pre-formed windings production site, and other specialist engineering operations covering induction services, condition monitoring and machine tools services.