Maven delivers a 4.1x return through exit of investment in Incremental
Maven has completed a profitable exit from Incremental Group, delivering a 4.1x return for investors. Maven’s Investor Partner network invested in the business in 2016, and since then Incremental has grown significantly, with its order book increasing more than four-fold. For the current financial year, revenue has risen 60% to £6.6 million and EBITDA by 100% to £1 million.
Incremental is a market leading digital technology services business, employing 125 people across five sites in Glasgow, London, Manchester, Inverurie and Northwich. Incremental helps clients achieve digital transformation across core business applications, moving to the cloud and leveraging data and AI.
Incremental has become one of the largest Microsoft Dynamics Partners in the UK, working with a range of blue-chip clients including Aggreko, Total and Scottish Leather Group. Its sale to Dunedin LLP will enable the business to take the next step in its evolution as it targets £60 million revenue, £10 million EBITDA and a workforce of 500 by 2022.
“Maven’s exit from Incremental is an excellent result for our Investor Partners network. Generating a 4.1x return in just two years stands as a testament to the Incremental management teams’ ability and ambition to build a successful digital services business, but also Maven’s capability to support entrepreneurial smaller businesses and help them achieve their growth aspirations. We are proud of how we have enabled Incremental to add significant scale to the business through organic growth and key acquisitions, and we wish them every success going forward.”
Julie Glenny, Investment Director at Maven
“Together with Maven we have achieved a great deal and I thank them for their initial belief in us and their support. I look forward to the next phase of our journey and working with Dunedin to realise our full potential.”
Neil Logan, CEO, Incremental Group
Maven has a track record of delivering profitable exits, having consistently demonstrated an ability to create value in investee companies by working closely with management teams to drive growth, develop exit strategies and identify suitable buyers. Click here to read more about Maven's recent realisations and investments.