Another profitable energy services exit for Maven investors

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Maven has completed the exit from Nessco via a £31m sale to RigNet inc, a US telecoms business. A 3.7x return on Maven clients’ original investment.

Published: Jul 04, 2012
Focus: Growth Capital

Maven has completed the exit from Nessco Group Holdings Limited (Nessco) via a £31m sale to RigNet inc, a NASDAQ quoted US telecoms business. The sale generated a 3.7x return on Maven clients’ original investment.

Nessco has seen exceptional growth since Maven’s original investment in June 2008, with an increase in annual revenues to over £30m and earnings growing by over 200% to £3.5m over the same period.

Nessco is a market leading provider of telecommunications services to the global energy and industrial sectors, including the design, installation, commission and maintenance of communications solutions, VSAT networks, and mobile communications products for sale or hire.

The energy services sector continues to attract entrepreneurial businesses and is a key area of expertise for Maven, where our Aberdeen based team, led by partner Jock Gardiner, has a leading presence in the sector. Since 2007 our team has led 12 energy services related transactions and achieved four profitable realisations for client funds generating sale multiples ranging from 1.7x to 3.7x cost.

Jock Gardiner, Partner at Maven Capital Partners, commented: “Nessco Group has been an excellent investment for Maven since 2008 with the company doubling in size, workforce and profitability. The acquisition by RigNet provides a very successful exit for Maven clients. Nessco has a great management team which Maven has enjoyed working with over the past four years, and we look forward to the business prospering as part of the RigNet family.”

Tom Smith, Chairman at Nessco, added: “I am very proud of the success of the Nessco Group and the journey we have taken, particularly the fantastic role that our team of staff has played in growing the company. Since Maven's investment we have moved from being a smaller domestic player to a major global player.”

Posted in:
Growth Capital

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