Maven Capital Partners has injected £5.4million into an energy engineering firm that has successfully diversified from oil and gas to the off and onshore wind sector.
GEV Group, which has an office in Aberdeen, will use the funds to support its “impressive growth plans”, Maven said.
Maven said the investment means GEV is well positioned to capitalise on the projected growth in wind power, driven by global emissions and fossil fuel reduction targets.
Andrew Ferguson, partner at Maven, said: “The investment in GEV Group has given Maven clients an excellent opportunity to invest in a genuinely niche business, operating across diverse markets and geographies. The management team is highly committed to growing the business and delivering on the company’s strategic plans, and this is evidenced by their own personal long-term financial commitment to the company.”
David Fletcher, a former banker, has led the firm since 2010.
He said: “GEV has successfully grown its operations over the past few years and has been successful in retaining a strong presence in its traditional oil and gas markets, together with developing a market leading position in the renewables sector, for the provision of wind turbine blade maintenance activity.”
“The investment secured through Maven will provide the catalyst required to fund further expansion in the key areas of our business and allow for the required infrastructure investment to support our growth ambitions.”
The group’s largest entity, Hull-based GEV Wind Power, is a leading European wind turbine blade inspection and repair specialists.
Its second largest trading business, Subsea Masters, is an engineering provider to the deep water drilling industry and is based in Las Palmas, Gran Canaria, described as “a key transition point between the major offshore regions of West Africa, Brazil and the Gulf of Mexico”.
The final two entities which make up the wider Group are GEV Offshore and Oxifree. GEV Offshore provides a range of services including the supply of project teams for construction, maintenance and asset integrity for the energy services sector. GEV is also the master UK distributor of Oxifree, anti-corrosion product that provides a protective shield around metals used across a range of industries.
The business has grown significantly in recent years, employing 145 staff and its turnover now exceeds £10million. Alongside the funding Maven has been behind the appointment of new chairman, Ron Smith, who sat on the executive management board of Siemens UK between 1997 and 2010.
Mr Ferguson, added: “The appointment of Ron Smith as Chairman will be a key asset to GEV. He has an excellent track record in the renewables space, and his skills will help complement the existing impressive executive management team, allowing them to draw on his wealth of experience and success in the sector.”
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