Maven invests £5.4m in GEV

The investment will be used to support the company's growth plans. According to Maven, the business is well placed to capitalise on projected growth in wind power, driven by global emissions and fossil fuel reduction targets.

Company
GEV comprises four main divisions: GEV Wind Power, Subsea Masters, Oxifree, and GEV Offshore.

GEV Wind Power, the largest division, is a wind-turbine blade inspection and repair specialist. Based in Hull, the business works with wind farm owners and wind turbine manufacturers. Oxifree is a product focused on corrosion problems, which creates a protective shield around metals used across a range of industries.

Subsea Masters is an engineering provider to the deep-water drilling industry. The business is based in Las Palmas, Gran Canaria. 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 Group is headquartered in Great Yarmouth and employs 145 people. The business generates revenues of £10m.

People
Andrew Ferguson is a partner at Maven. David Fletcher is CEO at GEV. As part of the deal, Ron Smith, who previously sat on the management board of Siemens UK, has been appointed as chair of GEV.

Advisers
Management – JDC Corporate Finance, Dave Howes (Corporate finance); Howes Percival (Legal).
Equity – HMT (Financial due diligence); Armstrong Transaction Services (Commercial due diligence); Korn Ferry (Management due diligence); JLT Insurance (Insurance due diligence); Gately (Legal).

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• Topics
• UK / Ireland
• Expansion
• Support services
• Maven Capital Partners