Maven increases its support for Westway
Maven has supported the secondary MBO of Westway Services Holdings with a £3.6m investment; its 10th Private Equity transaction this year. Maven funded the original MBO of the London-based facilities management business in 2009 and has since helped grow Westway’s footprint throughout London and the South East.
Founded in 2001, Westway provides installation, commissioning, maintenance and project management for all aspects of building services. Its core focus is on heating, ventilation and air-conditioning maintenance for a number of blue chip clients across a range of sectors.
During the period of Maven’s original investment, Andy Donnell took over as Managing Director from the company’s founder Carl Brooks. Under Andy’s leadership the company has achieved year-on-year growth in revenues and now has a turnover of over £30 million. This success is centered on a proven track record of delivering a reliable and high level of service for its clients across a broad-range of planned and reactive maintenance projects.
This transaction will see Carl significantly reduce his operational involvement in the business, with Andy continuing in his role as MD, leading a highly capable and proven management team.
The facilities management market is predicted to grow at 2% per annum and is expected to increase to £117bn by 2017, fuelled by the improving economic conditions which have seen a number of new Government infrastructure initiatives announced and an upturn in the private commercial construction sector. The refinancing of Westway will help the business capitalise on this projected growth, whilst providing the continuity needed to allow it to continue its organic growth strategy and to pursue its planned geographical expansion into other parts of the UK.
Andrew Ferguson, Partner at Maven, said: "Managing Director Andy Donnell and the rest of the team at Westway have built a great business based on their technical capabilities and focus on customer service; and we are delighted to continue with our partnership and help them through the next stage of the company’s growth. The transaction allows our investors to continue to be part of a highly-respected and growing business, at an attractive price for our client funds.”
Andy Donnell, Managing Director at Westway, added: "The management team and I are delighted to have Maven on board again and retain their ongoing support. They have been instrumental in supporting the business and enabling us to develop a successful growth strategy. They have a comprehensive understanding of the culture of the company and ensured they have complemented this in the way they have supported us.”