Maven opens Preston office to support £400m Northern Powerhouse fund
New Preston office opens as part of Maven’s continuing expansion of its North West investment operation
Maven Capital Partners, one of the UK’s most active private equity houses, is pleased to announce the opening of an office in Preston, as part of the continuing expansion of its North West investment operations. Maven has a long-established presence in the North, with a team already operating across the NPIF region from a Manchester base, and is also in the process of appointing a number of new investment executives in the region.
The new office is ideally situated to provide additional investment and administrative resource for NPIF investments and the ongoing support of new portfolio companies. It is located close to the thriving Preston Docklands area, a popular area for business, leisure and shopping, with easy access to the North’s motorway networks, rail and air hubs.
Preston, as a major commercial and administrative centre for Lancashire, is part of a healthy, diverse local economy with strong service, distribution and high-value manufacturing sectors. The area has seen strong employment growth and is home to a dynamic aerospace and hi-tech engineering industry.
The opening of the Preston office follows Maven’s appointment in February by the British Business Bank (BBB) as fund manager for the new £57.5m North West focused NPIF Maven Equity Finance Fund, part of the £400m of capital made available by the Northern Powerhouse Investment Fund (NPIF) which aims to provide equity and debt finance of between £50,000 and £2 million to regional SMEs across a range of sectors.
NPIF will support the growth aspirations of high-potential SMEs that can contribute to regional economic development, job creation and innovation. It is a £400m partnership between the BBB, a number of Northern England Local Enterprise Partnerships (LEPs), the European Investment Bank and the European Regional Development Fund.
The NPIF Maven Equity Finance fund will provide equity funding to high-potential businesses primarily in the North West, across Lancashire, Greater Manchester, Liverpool City Region, Cumbria and Cheshire & Warrington, but is also able to support SMEs in Yorkshire & Humber and Tees Valley.
Click here to read more about NPIF Maven Equity Finance.
Ryan Bevington, Fund Manager for NPIF Maven Equity Finance, said
“Maven is one of the North’s most active and experienced private equity fund managers, with a long track record of investing in and supporting SMEs across the region. The team at Maven is recognised for the proactive support we provide to investee businesses in helping them achieve their growth plans, and by opening a new office in Preston we are able to be closer to the businesses we invest in. We look forward to establishing our presence further in the region and working with British Business Bank to deliver the objectives of the NPIF.”
Grant Peggie, Director of Venture Capital Solutions at British Business Bank, added “The British Business Bank welcomes the news that Maven is opening a new office in Preston to serve the wider Lancashire area. Delivering on our promises to help those growing, innovative companies across Lancashire to access the equity finance they need to invest and grow relies on the ability to get boots on the ground in close proximity to the communities it serves. This latest announcement delivers on Maven’s commitment to establishing a physical presence in Lancashire, and we are confident its launch will help us build on the strong relationships we have forged with the Lancashire LEP and the region’s businesses.”