Maven achieves a 6.8x return from the sale of Westway Services
Maven has sold its investment in Westway Services (Westway), a provider of facility solutions to the built environment, to US-based ABM; generating a 6.8x total return on the original investment for Maven clients.
The sale of Westway represents Maven's second exit greater than 6x in less than six months, following the sale of Cash Bases to US Company APG Cash Drawer LLC for a 7.1x total return.
Founded in 2001, Westway provides an integrated range of technical building services on both planned and reactive maintenance contracts. The business has evolved to offer clients a full range of mechanical and electrical engineering services covering infrastructure such as heating, ventilation, air conditioning, refrigeration, and electrical installations.
Maven funded the original MBO of London-based Westway in 2009 and have since helped grow its footprint throughout the UK. At the time of the first investment by Maven, Westway had a turnover of less than £10 million and employed 38 people from a single office location in West London. Under the leadership of Managing Director Andy Donnell, the business has since achieved significant year-on-year growth, and following a secondary management buy-out led by Maven in 2014, has expanded further with forecast turnover set to exceed £50 million this year, annual earnings in excess of £5 million, and now employing 535 people across its UK offices in Ruislip (West London), Bristol, Glasgow, Leeds, and Northampton.
Andrew Symmonds, Investment Director at Maven said: "Maven has consistently seen the potential of Westway’s business model, having backed the management team on two occasions, and today’s sale, which delivers a healthy 6.8x total return on the original investment, demonstrates the high regard in which the business is held amongst its client base. Our refinancing of Westway last year helped the business capitalise further on its projected growth in the sector, whilst providing the continuity needed to allow it to continue its organic growth strategy and to pursue planned geographical expansion into other parts of the UK. The growth in turnover, profit and employees is an excellent example of how Maven’s ability to offer flexible funding solutions can help businesses like Westway fulfil their potential.”
Andy Donnell, Managing Director of Westway Services added: “Since their initial investment in 2009, Maven have supported the management whole heartedly to achieve their goals. They have worked with the team to develop a clearly defined strategy and allowed them the autonomy to execute it. The opportunity for Westway to move into the ABM group provides an excellent vehicle for it to continue its impressive growth.”