Mattioli Woods has completed the acquisition of private equity firm Maven Capital Partners in a deal worth up to £100 million.
Maven’s North Sea oil and gas-focused investment portfolio includes EFC Group, FIS Chemicals, Glacier Energy Services, MSIS Group, R&M Engineering and Whiterock Group.
It currently has only a single consultant working in Aberdeen, managing interests in all the north-east companies.
A statement on the London Stock Exchange yesterday announced completion of the deal.
Management is expecting profit growth for Maven in each of the two years ending March 21 2021 and 2022.
The private equity firm – now with 10 offices throughout the UK – was launched in 2009 after a buyout of Aberdeen Asset Management (AAM)’s private equity business.
Co-founders included Jock Gardiner, a well-known face in north-east business circles, who started his career as an accountant with KPMG before joining AAM’s private equity team.
Maven now has more than £660m of assets under management and available to invest.
Managing partner Bill Nixon has previously insisted it will be business as usual for all of the portfolio firms if Mattioli Woods’ acquisition got the go-ahead.
Mattioli Woods chief executive Ian Mattioli said: “We are delighted to complete the acquisition of Maven which marks a significant milestone in Mattioli Woods’ journey.
“It enhances our investment proposition and product range.”
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