Maven generates a 2.7x return for investors on the sale of GEV
Maven has realised its investment in GEV Group following the sale of the business to private equity buyer, Bridges Fund Management. The sale has generated a 2.7x return for Maven investors.
Headquartered in Hull, GEV Group is a diverse energy services business with a key focus in the wind power renewable market. Established in 2008, GEV initially specialised in providing experienced engineering personnel for the UK oil and gas sector. Following the appointment of David Fletcher as Managing Director in 2010, GEV diversified its service offering into renewables, and following the formation of its GEV Wind sub-division in 2012, the business has grown significantly with revenues increasing from £2.5 million in 2012 to £15.6 million for the latest full financial year.
GEV principally provides inspection, repair, retrofits and paint repair services for wind turbines and is now recognised as the European market leader for field deployed rotor blade repair and maintenance. The business has been awarded several key service agreements with original equipment manufacturers, including Siemens, the largest manufacturer of wind turbines in Europe. GEV also includes a subsea division, based in Las Palmas, Gran Canaria, which provides skilled engineering services to the deep-water drilling industry.
In 2015 Maven invested £5.4 million to support the MBO of GEV and appointed Ron Smith, a former senior Siemens board member as Chairman of the new Group. During the period of Maven’s investment, GEV also made the strategic decision to enter the US market and have since successfully established a foothold in North America, providing additional revenues during the winter months when servicing work in Europe is reduced due to adverse weather conditions.
“The sale of the GEV Group is a great return for our investors. The growth of the Group since the MBO is testament to both the quality of the GEV business and its senior management team. We are proud of how we have supported the Directors to execute their strategy during this growth phase, resulting in a business that has significantly expanded its global footprint and improved its service capability and market reputation. We would like to thank the GEV team for their hard work and wish them good luck for the next stage of the journey.”
Andrew Symmonds, Investment Director at Maven
“We are proud to have grown GEV into one of the global market leaders for wind turbine blade repair and maintenance during the time of our partnership with Maven Capital Partners. Their support and strategic advice enabled the business to fully capitalise on its diversification into the renewables sector, as well as enabling GEV to enter the US market which has unlocked significant growth and a host of new strategic opportunities. We’d like to thank Maven for the help they have provided over the past four years and are excited about the next phase of our growth.”
David Fletcher, Managing Director at GEV