Published: Jul 11, 2010
Focus: Growth Capital
Funding to support Adam’s future growth and development plans
Manchester, England – 30th June 2010 – Maven Capital Partners (Maven) as joint manager of the Capital for Enterprise Fund (CfE Fund) has today announced its investment of up to £1.5m in Adam Communication Systems International (Adam), a leading UK based provider of building energy management systems (BEMS) and associated energy management services. Adam’s products and services allow its customers to significantly reduce energy costs, carbon emissions and to comply with recent legislation in this area.
The £75 million CfE Fund is a Government backed initiative launched in 2009 to help small and medium size enterprises (SMEs) in the UK gain access to the financial support required to bridge the funding gap caused by the credit crisis. In April 2009, it was announced that £60 million from the CfE Fund would be allocated to two separate £30 million funds, one of which is managed by Maven. A further £15 million is being managed as a co-investment fund by Capital for Enterprise Fund Managers.
The investment made by the CfE Fund will support Adam’s growth plans, providing working capital for the continued increase in sales of its BEMS products and services, in addition to the recruitment of additional sales and operational staff to deliver on several large contracts which the company has recently won.
Adam was established in 1990 by Managing Director Steve Dillon and Technical Director Joe Blower. The business employs 45 staff from headquarters in Stockport. Adam has many thousands of installed energy management systems and is seeing increased demand for its recently developed wireless suite of products, which allow for lower installation costs and reduced disruption for customers, in addition to web enabled remote monitoring and control of the energy management systems.
Steve Dillon, Managing Director of Adam, said, "This investment will allow us to implement our growth plans and will deliver the working capital headroom necessary for the fast paced growth we are currently experiencing. Furthermore we will be able to increase our sales presence and target markets outside of our traditional sectors. The CfE fund’s investment was ideal for Adam at this exciting stage of our development and the team at Maven have been extremely supportive of our plans. I am confident that the next 12 months will be the most significant in the company’s 20 year history.”
Ryan Bevington, Senior Investment Manager at Maven, said, “Adam is an exciting business which has recently developed new technology providing cost effective and reliable wireless building energy management capabilities. The products have been well received in the market and this investment from the CfE Fund will help the team achieve their sales targets. This again demonstrates the value of the CfE fund in supporting ambitious UK businesses like Adam.”