Maven Capital Partners
In December 2016 Maven realised its investment in plastic extrusion manufacturer Nenplas Holdings following its sale to German company Döllken-Weimar GmbH, achieving a return of more than 5x and an IRR of 30% for investors in the 2006 buyout of Homelux Nenplas. The acquisition by Döllken-Weimar, part of the quoted group Surteco SE, is a leading global manufacturer of surface materials and technical extrusions, with 2,700 employees operating from 20 manufacturing sites across four continents.
The Maven VCTs first invested in 2006 to support the management buyout of Homelux Nenplas, a global supplier of tile accessories to the DIY and professional markets across the UK, Europe and North America. During the time of Maven's involvement the business enjoyed rapid growth, completing a complementary acquisition and increasing turnover by around 150%.
In March 2013 Maven achieved a partial realisation for investors, following a demerger process which saw the sale of the Homelux DIY products division to US quoted firm QEP Co. Inc. As part of that process Maven led a secondary buyout of the Nenplas plastic trade extrusion division, alongside the management team, which allowed the business to focus on its core competency in the development, design and manufacture of extruded plastic products, develop new markets for its products, and pursue an acquisition strategy.
Maven subsequently provided Nenplas with additional funding in 2013 for the acquisition of Polyplas Extrusions, which designs and manufactures extruded products in complementary markets, and in 2014 supported the business again in acquiring Delta Plastics, a manufacturer of extruded plastic and rubber products. Those acquisitions allowed management to increase profitability by implementing leaner working practices, improving efficiency and reducing raw material costs.