Maven provides another £3.6m to Westway Services

The refinancing will enable the business to continue its geographic expansion across the UK, while also providing a 1.6x return for Maven funds, prior to any future equity realisation.

The GP cited the uplift in the UK’s commercial construction sector and increased investment in infrastructure projects as motivation behind the deal.

The transaction is Maven’s 10th private equity deal of 2014 and comes hot on the heels of a £4.25m investment to support the MBO of Fathom Systems, a provider of commercial diving products and services.

Previous funding
Maven invested £2.55m in the MBO of Westway in 2009, alongside a £1.54m commitment from Matrix Private Equity. The original investment marked Maven’s first deal as an independent entity, following its spinout from Aberdeen Asset Management.

Company
Headquartered in London and founded in 2001, Westway is a provider of services related to heating, ventilation and air-conditioning systems. The business handles installation, commissioning, maintenance and project management services for the construction sector. 

People
Andy Donnell is managing director of Westway. Andrew Ferguson is a partner at Maven.

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• Topics
• Exits
• UK / Ireland
• Industrials
• Expansion
• Maven Capital Partners
• United Kingdom