UK private equity house Maven Capital Partners (Maven) has funded a replacement capital transaction in Westway Services Holdings (Westway).
Maven originally supported an MBO of the London-based facilities management business in 2009 and has since helped grow Westway’s footprint throughout London and the South East.
The GBP3.6 million recapitalisation of Westway, which is Maven’s 10th Private Equity transaction this year, has not only delivered a 1.6x money multiple return for Maven client funds prior to any future equity realisation, but has also increased Maven’s equity stake in the business.
Founded in 2001, Westway provides installation, commissioning, maintenance and project management for all aspects of building services. Its core focus is on heating, ventilation and air-conditioning maintenance for a number of blue chip clients across a range of sectors.
During the period of Maven’s investment the company has achieved year-on-year growth in revenues and now has a turnover of over GBP30 million. This success is centered on a proven track record of delivering a reliable and high level of service for its clients across a broad-range of planned and reactive maintenance projects.
The facilities management market is predicted to grow at 2% per annum and is expected to increase to GBP117bn by 2017, fuelled by the improving economic conditions which have seen a number of new Government infrastructure initiatives announced and an upturn in the private commercial construction sector. The refinancing of Westway will help the business capitalise on this projected growth, whilst providing the continuity needed to allow it to continue its organic growth strategy and to pursue its planned geographical expansion into other parts of the UK.
Andrew Ferguson, Partner at Maven, says: "Managing Director Andy Donnell and the rest of the team at Westway have built a great business based on their technical capabilities and focus on customer service; and we are delighted to continue with our partnership and help them through the next stage of the company’s growth. The transaction allows our investors to continue to be part of a highly-respected and growing business, at an attractive price for our client funds.”
Andy Donnell, Managing Director at Westway, adds: "The management team and I are delighted to have Maven on board again and retain their ongoing support. They have been instrumental in supporting the business and enabling us to develop a successful growth strategy. They have a comprehensive understanding of the culture of the company and ensured they have complemented this in the way they have supported us.”
