Maven backs refinancing of facilities firm
Maven Capital Partners, the Glasgow-based private equity firm, has increased its support for a facilities management company in London to help it through its next phase of growth.
It has funded the £3.6 million recapitalisation of Westway Services Holdings which it supported through an MBO in 2009.
The deal is Maven’s 10th this year and has delivered a 1.6x return for Maven client funds so far. Maven also increases its equity stake in the business which has achieved year-on-year growth in revenues and now has a turnover of more than £30m.
The facilities management market is predicted to grow by 2% a year to £117 billion by 2017, fuelled by the improving economic conditions and a number of UK government infrastructure initiatives together with an upturn in the construction sector.
Andrew Ferguson, partner at Maven, said: “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, said: “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.”