Providing the catalyst for international growth

At a glance

Maven first partnered with McGavigan by supporting a management buyout, before helping the business execute an ambitious international expansion strategy. A successful partnership enabled the company to establish a manufacturing presence in Asia, broaden its global footprint and build a platform capable of serving leading automotive brands worldwide. By the time of Maven's exit, the business had grown to approximately five times its original size and firmly embedded the majority of its operations in China.

Capitalising on global market opportunities

McGavigan has a heritage spanning more than 160 years. Founded in Glasgow in 1861, the business originally produced signage and printed materials. Its modern growth story began when it pivoted into the automotive sector in 1974, where the company established a reputation for innovation and technical excellence. McGavigan developed the world's first back illuminated dial plate, setting a benchmark for the automotive industry and helping establish relationships with many of the world's leading vehicle manufacturers.

At its peak, the business supplied components used in one in every six vehicles produced globally, reflecting both the scale of its operations and the strength of its customer relationships.

Today, McGavigan designs and manufactures decorative and electro-mechanical components and modules for automotive, medical and consumer markets. Beyond manufacturing, the company works closely with customers from concept through to production, helping optimise product performance, functionality and manufacturability.

As global automotive production increasingly shifted towards Asia, many of McGavigan's customers sought partners capable of supporting them across multiple international markets. For management, this represented a significant opportunity to extend the company's capabilities and geographic reach.

"The relationship with Maven facilitated our ability to internationalise and globalise the business," says Steve Mathers, Director at John McGavigan. "We had strong pent-up demand, particularly in Asia, and many of our customers were looking for organisations like McGavigan to replicate what we delivered in Europe within those markets."

Why Maven invested

For Maven, McGavigan represented an opportunity to back an experienced management team with a clear vision for growth and a well-defined strategy for international expansion.

The business had established a strong reputation within specialist manufacturing markets, was highly trusted by its customer base and had demonstrated an ability to solve complex technical and production challenges. Importantly, management had identified a compelling opportunity to build a presence in Asia and support global customers more effectively.

"What attracted us most was the management team," says Martin McLaren, Partner at Maven. "It was clear they had both the experience and vision to take the business into new international markets. They had built a trusted position with customers and developed a reputation for their technical expertise, which created a strong platform for growth."

For management, the decision to bring in an external investor can be unnerving, requiring not just a willingness to give them a financial stake but also absolute confidence that they share the vision of the existing team and are willing to work constructively to grow the business – through good times and bad.

"We met numerous potential funders, but it became clear that Maven's approach was about more than simply providing capital," says Steve. "They invested time understanding the business, our ambitions and the people behind it. We wanted a partner who could support us on the journey rather than simply fund it."

John McGavigan employee pictured in one of their units

Executing an international expansion strategy

International expansion represented a major step for the business. While management had confidence in the opportunity and had previous experience of operating in Asian markets, establishing an overseas manufacturing presence required significant investment and careful execution to ensure that the underlying business remained operationally strong and undistracted during the expansion.

Maven's investment provided the financial platform required to accelerate these plans while ensuring the core business remained operationally strong and focused on serving existing customers.

"As a stand-alone business, we couldn't have achieved it without that injection of capital," says Steve. "That capital was the financial catalyst that enabled us to establish our manufacturing operation in China. As the journey has progressed, it has remained the cornerstone of our growth."

The business established operations in Suzhou, creating a platform from which it could support customers across Asia and strengthen relationships with global manufacturers. Once bedded in, McGavigan continued to invest in expanding its capabilities, including the acquisition of a highly complementary tooling design and manufacturing business in China. The company also developed a state-of-the-art 22,000m² manufacturing and development facility, significantly increasing production capacity and creating a stronger foundation for future growth.

Alongside expansion in Asia, the business continued to invest in its UK operations, ensuring it remained well positioned to support customers across European and North American markets.

Value beyond capital

While the capital injection undoubtedly critical to enabling international expansion, management also valued Maven's support which extended well beyond funding.

The partnership included strategic guidance, governance support and practical assistance in strengthening the business as it scaled internationally. This included supporting key management appointments, helping enhance operational infrastructure and providing access to wider commercial and financial networks.

"What differentiated Maven from other organisations was that we saw them investing in the people," says Steve. "We needed someone who could provide financial resources but also step alongside us and help us on the journey."

A member of Maven’s team joined the Board and became a long-term sounding board for management as the business evaluated investment opportunities, strategic initiatives and organisational development.

"What we found with Maven was not just financial support," Steve adds. "They played an active role in helping us think through major decisions and opportunities. Not from an operational perspective, but as a trusted adviser who could challenge and support us as the business evolved."

For Maven, the partnership reflected the value of maintaining a regional presence and working closely with management teams throughout their growth journey.

"One of our key strengths is our regional model," says Martin. "Being close to management teams allows us to build strong relationships, understand the challenges they face and work collaboratively to deliver long-term growth."

Building a global platform

The international expansion strategy transformed the business. Today, McGavigan (which has since been acquired by CCL Design) is a global manufacturer serving leading automotive, medical and consumer brands across multiple international markets. The business has expanded significantly beyond its original footprint, combining specialist manufacturing expertise and enhanced technical capabilities, alongside a broader international presence.

The strategy has delivered substantial growth, with the business increasing in size approximately five-fold while strengthening its resilience and ability to support global customers.

"Without access to the capital required to expand internationally, our growth would have been significantly more constrained," says Steve. "Maven's backing enabled us to establish a global footprint, deepen relationships with international customers and build a business with far greater scale, capability and resilience than would otherwise have been possible.”

The successful execution of the international expansion strategy also delivered a strong outcome for Maven investors, generating a return of more than four times the original investment while creating a platform for the company's continued long-term growth.