Maven invests £5.4 million in GEV Group
Maven has invested £5.4 million in GEV Group, a fast growing and diversified organisation with a key focus on the renewable sector. The business comprises of four main divisions which operate across multiple markets and global locations; GEV Wind Power, Subsea Masters, Oxifree, and GEV Offshore.
Today’s transaction will provide the business with the additional development capital it needs to support its impressive 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.
Andrew Ferguson, Partner at Maven, said: “The investment in GEV Group has given Maven clients an excellent opportunity 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.”
David Fletcher, CEO at GEV, said: “We are delighted to announce this significant investment by Maven Capital Partners in our Group. GEV 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.” “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.”
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.
Its second largest trading business, Subsea Masters, is a skilled engineering provider to the deep water drilling industry and is based in the highly strategic location of Las Palmas, Gran Canaria. It is a key transition point between the major offshore regions of West Africa, Brazil and the Gulf of Mexico; providing a stable and safe environment for rig operators to complete maintenance activity.
The final two entities which make up the wider Group are GEV Offshore and Oxifree. GEV Offshore provides a wide range of services including the supply of project teams for construction, maintenance and asset integrity for the energy services sector. GEV is also the master UK distributor of Oxifree, a cost-effective solution to corrosion problems which creates a protective shield around metals used across a range of industries.
The business has grown significantly in recent years, employing 145 staff and 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.
Andrew Ferguson, added: “The appointment of Ron Smith as Chairman will be a key asset to GEV. He has an excellent track record in the renewables space, and his skills will help complement the existing impressive executive management team, allowing them to draw on his wealth of experience and success in the sector.”