Maven exits WaterBear Education following transformational growth

Maven has completed a successful realisation from WaterBear Education, a specialist higher education provider for musicians and creative artists.

The sale to School of Arts, a private higher education group focused on performing and visual arts across France and Belgium, marks the successful exit of Maven's investment in a business that has grown from a pre-revenue start-up into a leading specialist music education provider serving more than 1,000 students across Brighton and Sheffield.

The transaction is expected to deliver a total money multiple (MoM) of 3.0x for the Maven VCTs and 1.6x for the first Northern Powerhouse Investment Fund (NPIF), including an element of deferred consideration.

The Maven VCTs first invested in WaterBear in February 2018, providing growth capital to support the launch and development of an innovative music education business founded by music industry and education entrepreneurs Adam Bushell and Bruce Dickinson (pictured below).


WaterBear was set up to help aspiring musicians and artists build sustainable careers in a rapidly evolving music industry. The business had anticipated this change and set out to build an education model that blended academic study with real-world industry experience, equipping students with the creative, commercial and entrepreneurial skills needed to succeed as independent artists.

Working closely with management from the outset, Maven supported the opening of WaterBear's first campus in Brighton before making a follow-on investment in 2019 to enable the company’s continued expansion. In 2023, NPIF – Maven Equity Finance, managed by Maven as part of the first Northern Powerhouse Investment Fund (NPIF), provided a loan note investment in the company to establish its second campus in Sheffield.

“WaterBear is an excellent example of Maven backing an ambitious management team with a clear vision and a differentiated proposition. Despite being pre-revenue, Adam and Bruce had a proven track record in the sector, identified a substantial gap in the market, and had a clear plan on how they would deliver sustainable growth. Their success is a testament to their hard work and positive culture they have built at WaterBear. We wish the business the very best as it continues to scale under new investors.”

Sanjay Patel, Portfolio Director at Maven

“Maven backed our vision at a very early stage and has been a supportive partner throughout WaterBear's growth journey. Their investment helped us establish the business, expand our student offering and successfully open our Sheffield campus. But what really stood out was the people behind Maven. From the outset, there was a genuine alignment of values and ambition. We wanted to build a business that could make a real difference while remaining true to its purpose, and we felt that Maven understood that.

We are incredibly proud of what the team has achieved and excited about the opportunities ahead as part of School of Arts. We would like to thank Maven for its support, insight and confidence in the business from day one."

Adam Bushell, CEO at WaterBear

“WaterBear demonstrates the first Northern Powerhouse Investment Fund’s impact in helping ambitious businesses realise their potential. It was great to support the business as it expanded into the North, bringing new jobs to our regional economy. The successful exit reflects NPIF’s ability to support long-term growth for ambitious businesses, and we’re committed to continuing this work through NPIF II.”

Debbie Sorby, Senior Investment Manager at the British Business Bank