Maven has completed the exit from Nessco Group via a GBP31m sale to RigNet, a Nasdaq quoted US telecoms business.
The sale generated a 3.7x return on Maven clients’ original investment.
Since Maven’s original investment in June 2008, Nessco’s annual revenues have increased to over GBP30m and earnings have grown by over 200 per cent to GBP3.5m.
Nessco is a provider of telecommunications services to the global energy and industrial sectors, including the design, installation, commission and maintenance of communications solutions, VSAT networks, and mobile communications products for sale or hire.
Since 2007 Maven has led 12 energy services related transactions and achieved four realisations for client funds generating sale multiples ranging from 1.7x to 3.7x cost.
Jock Gardiner, partner at Maven Capital Partners, says: “Nessco Group has been an excellent investment for Maven since 2008 with the company doubling in size, workforce and profitability. The acquisition by RigNet provides a very successful exit for Maven clients. Nessco has a great management team which Maven has enjoyed working with over the past four years, and we look forward to the business prospering as part of the RigNet family.”
Tom Smith, chairman at Nessco, adds: “I am very proud of the success of the Nessco Group and the journey we have taken, particularly the fantastic role that our team of staff has played in growing the company. Since Maven’s investment we have moved from being a smaller domestic player to a major global player.”
