Maven Investor Partners back Management Buy-In of FIS Chemicals
We are delighted to announce that Maven Investor Partners have supported the management buy-in of FIS Chemicals (FIS), a developer and manufacturer of a range of specialist chemicals. Maven co-led the transaction alongside the Foresight Scottish Growth Fund, with each investing £2 million alongside investment from the buy-in team.
The investment in Aberdeen based FIS represents the fourth transaction by Maven’s Investor Partner network and, in total, the 14th private equity investment completed across all of our client funds in 2020.
FIS develops and manufactures specialist chemicals predominantly for cleaning and enhancement purposes, as well as rust protection, descaling and water purification. In total FIS sells a range of over 1,500 products to a broad international customer base which operate across a diverse range of industries including energy, utilities and marine. FIS’s core range of chemicals are designed to improve efficiency and reduce waste and harmful by-products.
FIS has excellent environmental credentials and is the only chemicals business in the UK to be awarded the Carbon Trust Standard. The company holds gold ratings from CEFAS, the Centre of Environment Fisheries and Aquaculture Science, five ISO standards and all chemicals are manufactured to the highest standards for uses in the most stringently regulated environments. FIS products are chosen by customers for their high performance, green manufacturing practices and environmental credentials.
The investment from Maven and Foresight will help the business accelerate its growth by building the team, supporting its expansion into Asia and the Middle East, and further enhancing its market leading green credentials. The buy-in team is led by Kenny Woods, who has extensive experience in the specialist chemicals sector. He will be supported by Derek Mathieson who joins as Non-Executive Chairman and Gordon Davidson as Finance Director, sourced by Foresight and Maven respectively. Derek was until recently Chief Marketing and Technology Officer at Baker Hughes and Gordon Davidson has extensive accounting experience and has worked with Maven previously.
Commenting on the investment, Ewan MacKinnon, Partner at Maven, said: “Backing the MBI of FIS has provided Maven Investor Partners with the opportunity to invest in a well established and profitable business with significant growth opportunities, both internationally and domestically. We have tracked FIS for many years and have been impressed by the market leading products it has developed and the highest environmental and ISO standards it has attained. Led by Kenny Woods, a highly experienced executive with a strong track record in the chemicals industry, the management team has a clear strategy to drive the business forward and Maven is excited to help FIS fulfil that growth potential.”
Kenny Woods, CEO of FIS Chemicals, added: “With the backing and support of both Maven and Foresight, plus a proven management team, FIS are in an excellent position for the future. We will be focused on continuing to supply green, quality products to our extensive customer base whilst bringing new technology and solutions to the global market. FIS has established on site renewable energy sources and exceptional environmental compliance in its mission to achieving net zero. It is an exciting time for the new management team and staff to drive the business forward in these challenging times. It is testament to Tom Cummings who has built a strong resilient business over the years and has created a strong platform for future growth.”