Published: Jul 10, 2011
Focus:
Growth Capital
MAVEN ACHIEVES 2.9X EXIT FROM WALKER
Maven has achieved a successful exit from Walker Technical Resources via a secondary buyout funded by Gresham Private Equity. The sale realised a gross return of 2.9x the initial investment in just two years, with an IRR of 70%.
Walker has seen exceptional growth since Maven’s original investment in June 2009, with a 60% increase in sales in the past 12 months and earnings having more than doubled to an expected £2.5m in the current year.
Walker specialises in composite repairs for the oil & gas industry, providing niche integrity management services and products to a global customer base. With some of the most advanced composite technology in its field, the company has established an international market presence, innovative product range and award winning record for safety and quality of performance. Maven originally led the MBI transaction in Walker alongside CEO Willie Rennie to fund the growth of this energy services business. Since then Walker has strengthened its position as one of the market leaders in the integrity services sector and has consistently traded ahead of budget, driven by strong sales performance and robust margins.
Over the past two years, Maven has worked very closely with the Walker management team to accelerate the company’s growth whilst maintaining its market leading service to existing customers. Maven’s contribution has included two board appointments and an industry specialist non-executive, which have helped Walker’s management team to implement a focused international growth strategy based on developing new markets such as Oman, Norway and Angola.
Jock Gardiner, Maven Partner in Aberdeen, commented: "This is a very profitable exit for Maven investors and allows the Walker management team to continue growing the business. We have enjoyed working alongside Willie Rennie and his team since our original investment in 2009, and have been able to support the business in fulfilling its growth plan and strategic vision. The capital we provided enabled Walker to consistently increase earnings and strengthen the management team, whilst consolidating its market leading position and penetrating new international markets. As a result, the business has attracted both trade and private equity interest, and the acquisition by Gresham provides the company with the platform for further growth and achieves an excellent investment return for Maven clients. We wish Willie and his team the very best for the future."
Willie Rennie, CEO of Walker said: "Maven’s investment allowed us to accelerate our growth plans and build on our overseas market presence. Throughout the time of Maven’s involvement we have also benefited from its undoubted expertise in our sector, and particularly the support in terms of senior appointments to the board and developing growth and exit strategies. We look forward to working with Gresham who we feel confident will allow us to continue our growth."
