The North East Development Capital Fund (NEDCF), supported by the European Regional Development Fund and managed by Maven Capital Partners (Maven), has invested GBP4.7 million in eight dynamic growth businesses across the North East, driving economic prosperity, safeguarding over 400 jobs.
Maven was appointed to manage the GBP27 million NEDCF in May 2018 to provide investment capital to support the growth of innovative and ambitious businesses across a wide range of sectors and in a variety of funding scenarios. Maven has participated in investments ranging from GBP350,000 to GBP7 million in local businesses across the North East and has also successfully leveraged an additional GBP7 million in private sector finance.
Notable transactions include a GBP2.15 million deal in innovative platform for the sale and installation of boilers, Boiler Plan; a GBP1.95 million deal in leading independent engineering business, Dyer Engineering; and a GBP7 million deal in electric vehicle specialist AVID Technology.
Maven has significant experience of managing regional growth funds across the UK, including on behalf of the Northern Powerhouse and the Midlands Engine, and since 2009 has invested over GBP340 million in more than 180 UK SMEs to support their growth strategies.
Michael Vassallo, Investment Director at Maven, says: “The Fund has had a fantastic first year investing in some outstanding businesses across the region. As one of the UK’s most active private equity fund managers, and with many years’ experience of investing in and supporting SMEs across the North of England, the team at Maven is delighted to be working with the North East Fund to deliver the objectives of the Fund. The North East is a hotbed for innovative businesses and there remains a clear need for this type of funding to help high-growth, established SME businesses fulfil their growth potential.”
Jason Hobbs, CEO of the North East Fund, says: “Although they were already active across the North, we have seen real benefits here in the North East from Maven’s management of our Development Capital Fund. A large proportion of the private capital invested alongside the GBP4.7m from the Development Capital Fund has been provided by Maven’s Venture Capital Trusts – creating a real multiplier effect which maximises the cash available to promising North East SMEs, which are also benefitting from Maven’s expertise and networks. We congratulate Maven on what they have achieved over the past year and look forward to continuing to work with them to help support the growth plans of ambitious North East businesses.”
