Scottish Enterprise invests £20m
Maven Capital Partners hits £100m for buy-out fund
Scottish Enterprise has invested £20m into the Maven UK Regional Buyout Fund which has also drawn support from family offices, high net-worth syndicates, pension funds, fund of funds and asset managers.
The fund targets MBO opportunities in companies across the UK with an enterprise value of between £10 million and £40m and aims to invest between £5m and £15m in each transaction.
The fund has already deployed close to £30m in three transactions, supporting the MBOs of John McGavigan, UAP and Acton Banks, with equity investments of £10.25m, £8.6m and £9.65m respectively. Maven said all three were acquired for their management teams, competitive market position, distinctive product/service offering, and the potential for high growth via attractive organic or bolt-on acquisition strategies. These fulfil the criteria that Maven seeks in all of its investments.
It said it 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 £630m.
Andrew Craig, pictured, partner at Maven said he was pleased to see such a “strong appetite” for the Fund which he says addresses the relatively underserved smaller end of the UK market. He said there was a strong pipeline of opportunities currently under review.
Kerry Sharp, director at the Scottish Investment Bank, said: “Our £20m 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.”