Published: Jun 08, 2009
Focus:
Growth Capital
We are pleased to announce that the senior executives of the private equity team of Aberdeen Asset Management PLC ("Aberdeen") have led a management buy-out to create a new independent private equity business, Maven Capital Partners UK LLP ("Maven").
Bill Nixon, current head of Investment at Aberdeen Asset Managers Private Equity, has led the buyout with senior executives Andrew Craig, Jock Gardiner, Stella Panu, Bill Kennedy and Andrew Ferguson joining him in forming Maven.
The entire growth capital investment and portfolio team is migrating across to Maven, bringing over 100 years' combined experience of investing in private companies to the new business. The investment strategy will continue to focus on private company investments and the management of client funds, including seven Venture Capital Trusts (VCTs), and Maven will continue to manage funds on Aberdeen’s behalf. The full back-office team that currently supports the Aberdeen and other third party client funds is also moving to Maven.
At Aberdeen, private equity was a stand-alone and largely autonomous division. In the ?ve years from 2004 the team built a specialist private equity and VCT business with a signi?cant fund base, becoming recognised as one of the UK's most active SME investors, with around £54m of VCT client funds invested in 29 new private company transactions during that time.
The Maven team also manages the £30 million Capital for Enterprise Fund A, having been appointed by Capital for Enterprise Fund Managers Ltd to jointly run this initiative as part of the Real Help for Business programme. The Capital for Enterprise Fund is one of the measures introduced by the Government to bridge the current funding gap that many UK Small and Medium Enterprises are experiencing as a result of the credit crisis.
Aberdeen will remain a valued partner of Maven and will retain a signi?cant minority stake in the business.
Bill Nixon, Managing Partner of Maven Capital Partners UK LLP, said: "We'd like to thank Aberdeen for its support in building our business to its current position of strength and have very much enjoyed our time as part of the group. The opportunity has now arisen to acquire the business and become an independent private equity fund manager, which is a natural evolution for the team more in line with current industry practice. We are also very pleased that the entire Aberdeen private equity investment and support function across the UK has joined Maven, allowing us to secure the services of some very experienced colleagues to help manage and grow the business. We look forward to the future under our new brand with great enthusiasm."
Martin Gilbert, Chief Executive of Aberdeen Asset Management, commented: "I am delighted that Bill Nixon and his team have taken the opportunity to undertake a buy-out of Aberdeen's private equity business. In common with current industry practice, the management team will now have a majority stake in their new business, thereby aligning their long-term interests with those of their clients and investors, and I am very pleased that Aberdeen will be retaining a significant minority stake in the new business. Bill and his team have run a very successful private equity operation for many years within Aberdeen, and they leave with our thanks and very best wishes for the future."
Maven will be a UK lower mid-market private equity firm, managing roughly £160 million of capital that the team previously managed at Aberdeen, and will operate from offices in Aberdeen, Glasgow, Manchester, Birmingham and London.
Maven typically backs established and entrepreneurial management teams at private companies valued at up to £25 million, providing equity finance of £1 million to £6 million for management buy-outs, acquisition finance, replacement capital and development capital for private companies.
Completing on average 6 to 10 deals each year across the UK, and deploying around £25-35m in capital, Maven invests from a range of client funds, including VCTs and a syndicate of co-investors.
If you, or any of your clients, are shareholders in our investments, and you would like more information, please call Steve Marshall on 0141 306 7585 or by email steve.marshall@mavencp.com or alternatively visit our website: www.mavencp.com
