GEV Group has announced a £5.4 million investment by Maven Capital Partners, one of the UK’s leading private equity houses. The investment secures a minority stake in GEV Group (GEV) and will provide a significant boost to GEV Wind Power and its plans to develop its market leading position in the renewables sector. At the same time, GEV Group is delighted to announce the appointment of its new chairman, Ron Smith. Ron sat on the executive management board of Siemens UK between 1997 and 2010 and the introduction between the two organisations was facilitated by Maven Capital Partners. Both announcements come as GEV Wind Power moves a step closer to the commercialisation, with ongoing developments, of its innovative blade maintenance Habitat and other projects.
The investment by Maven will provide the GEV Group with the additional development capital it needs to support its impressive growth plans. Highly regarded for its project delivery, quality of people and its innovation in its products and processes, GEV is well positioned to capitalise on the projected growth in wind power, driven by global emissions and fossil fuel reduction targets. The investment will support GEV’s activities across its four main divisions; GEV Wind Power, Subsea Masters, Oxifree and GEV Offshore.
GEV has grown significantly in recent years, employing 145 staff and its turnover now exceeds £10 million.
David Fletcher, CEO at GEV, said: “We are delighted to announce this significant investment by Maven Capital Partners in our Group. 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 maintenance activity.
“The investment secured through Maven will provide the catalyst required to fund further expansion and innovation in the key areas of our business and allow for the required infrastructure investment to support our growth ambitions.”
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.”
Discussing Ron Smith’s appointment, Andrew Ferguson of Maven Capital Partners commented: “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.”
David Fletcher added: “We are delighted to have Ron on board as Chairman as he brings with him a wealth of experience gained over 35 years with Siemens. In particular, his expertise in strategic planning, risk assessment, leadership development and disseminating best practice will prove invaluable in our future planning and development of the GEV Group.”