Maven Capital Partners successfully exit from GEV Group
Private equity house Maven Capital Partners has announced its profitable exit from GEV Group Holdings Limited.
The exit attracted interest from several private equity buyers. Headquartered in Hull, GEV Group provides energy services with a focus in the wind power renewable market.
Established in 2008, the company initially specialised in providing experienced engineering personnel for the UK oil and gas sector.
GEV diversified its service offering into renewables, and following the formation of its sub-division ‘GEV Wind’ in 2012, the business has grown significantly with revenues increasing from £2.5m in 2012 to £15.6m for the latest full financial year.
Andrew Symmonds, investment director at Maven, said: “The sale of the GEV Group is a great return for our investors. The growth of the group since the MBO is testament to both the quality of the GEV business and its senior management team.
“We are proud of how we have supported the directors to execute their strategy during this growth phase, resulting in a business that has significantly expanded its global footprint and improved its service capability and market reputation.
“We would like to thank the GEV team for their hard work and wish them good luck for the next stage of the journey.”
GEV principally provides rotor blade maintenance services for wind turbines and is now recognised as the market leader in this specialist area.
In 2015, Maven invested £5.4m to support the MBO of GEV and appointed Ron Smith, a former senior Siemens board member as chairman of the new group.
David Fletcher, managing director at GEV, added: “We are proud to have grown GEV into one of the global market leaders for wind turbine blade repair and maintenance during the time of our partnership with Maven Capital Partners.
“Their support and strategic advice enabled the business to fully capitalise on its diversification into the renewables sector, as well as enabling GEV to enter the US market which has unlocked significant growth and a host of new strategic opportunities.
“We’d like to thank Maven for the help they have provided over the past four years and are excited about the next phase of our growth.”
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