Maven Capital Partners (Maven) has held the final close of the Maven UK Regional Buyout Fund with total commitments (including from co-investment vehicles) of GBP100 million from a diverse range of investors, including Scottish Enterprise, family offices, high net-worth syndicates, pension funds, fund of funds and asset managers.
The Fund targets attractive management buy-out (MBO) opportunities in companies across the UK with an enterprise value of GBP10 million to GBP40 million, aiming to invest between GBP5 million and GBP15 million in each transaction.
The fund has already deployed close to GBP30 million in three transactions, supporting the MBOs of John McGavigan Ltd, UAP Ltd and Acton Banks Ltd, with equity investments of GBP10.25 million, GBP8.6 million and GBP9.65 million respectively. All three businesses were acquired for their highly experienced management teams, competitive market position, distinctive product/service offering, and the potential for high growth via attractive organic or bolt-on acquisition strategies, which fulfil the criteria that Maven seeks in all of its investments. Maven continues to see a strong pipeline of opportunities and expects to complete further investments during the remainder of 2019.
The Buyout Fund is Maven’s first institutional fund, and alongside its existing VCT and other client funds, brings the firm’s total Funds under Management and ready to invest to GBP630 million.
Andrew Craig, Partner at Maven, says: “Maven is delighted with the support we’ve received from our LP investors, and it is pleasing to see such a strong appetite for our Fund which addresses the relatively underserved smaller end of the UK market. Our investors will benefit from Maven’s nationwide presence and reach, coupled with our in-depth understanding of the scale-up segment of the market and our long-term track record of identifying and investing in high quality businesses and management teams who are capable of delivering significant growth. We have already seen good progress with the Fund, with close to GBP30 million already deployed, and a strong pipeline of opportunities currently under review.”
Tim Reid, Founding Partner at TMR Strategic LLP, which acted as exclusive placement agent for the Fund, says: “Maven’s deep and impressive track record from its highly experienced buyout team and extensive reach across the UK’s key economic regions means that it has secured a leading position at the small end of the UK buyout market. This has enabled it to attract a high quality and broad ranging group of investors.”
Kerry Sharp, Director of the Scottish Investment Bank, says: “Maven’s strong local connections and wealth of experience in transacting MBO deals will help companies looking at succession planning, change of ownership and ongoing growth plans to access the right funding to deliver on their ambitions.
Our GBP20 million investment into this fund increases the diversity of capital available to companies, and we continue to explore further innovative ways to provide a range of funders active in Scotland’s economy.”
