Published: Dec 01, 2014
Focus:
Growth Capital
Maven has realised its investment in control systems specialist EFC Group, via a secondary buyout to a consortium of investors, achieving a 3.8x multiple return for its client funds.
The exit from EFC represents the latest profitable disposal by Maven’s Aberdeen-based team. In recent years the team has overseen the sale of a number of high-growth energy services support businesses, including Nessco and Walker Technical for returns of 2.7x and 2.9x respectively.
EFC is a niche market leader providing monitoring systems and instrumentation to the oil and gas sector. Headquartered in Aberdeen, its specialist designed and engineered solutions are now used globally by a range of blue-chip clients.
Throughout the 5 year period of its investment Maven worked closely with the management team to accelerate the company’s growth by targeting new international markets, extending the product offering and growing the customer base. The funding provided by Maven and its co-investment partner Simmons Parallel Energy Fund in 2009 has helped to transform EFC as the business moved to new headquarters, further strengthened its management team, developed innovative new products and significantly improved both its systems and processes. These enhancements have seen EFC’s turnover more than double and employee numbers grow from 50 to 150 during the period of the Maven investment.
Jock Gardiner, Partner at Maven, said: "Under the stewardship of Bob Will and his executive team, EFC has become a thriving business during the time Maven has been invested. The funding was put to excellent use by investing in research and development, implementing an innovative recruitment policy and developing its people. The sale of EFC Group, which generated a significant return for our shareholders, demonstrates the continuing strong M&A demand in the oil & gas service sector for companies of this calibre."
Bob Will, CEO at EFC Group, added: "Maven, and in particular, Maven’s Aberdeen team, has proven to be an excellent partner during the 5 year expansion of EFC. Since the BIMBO in December 2009 they have been a useful source of advice and support and played a material role in the company’s success."
