Maven Capital backs Fletcher Shipping

The funding package was provided by Maven Client Funds, as well as the Scottish Loan Fund (SLF), which is managed by Maven Capital Partners. SLF was established in 2011 by the Scottish Investment Bank.

The fresh capital will be used to partly fund the acquisition of Fletcher's fourth and fifth platform support vessels, FS Pisces and FS Sirius.

With this deal, Fletcher took up an offer from last year to draw down £1m from SLF alongside an additional £4.5m investment from Maven Client Funds.

Maven first invested in the business in September 2012 when SLF provided £4m to part-fund the acquisition of FS Taurus, the company's third platform support vessel. The round totalled £8m, with the remainder provided by Royal Bank of Scotland.

Due to increasing market demand and as part of its long term growth strategy, Fletcher is now increasing its capacity with this latest expansion of its fleet. The two latest vessels will be deployed immediately.

Maven is a small- to mid-cap private equity house focused on the provision of growth capital and mezzanine finance to UK SMEs, managing more than £300m of assets.

Company
Founded in 2007 and based in Aberdeen, Fletcher Shipping owns and operates three large platform support vessels in the North Sea. The company employs approximately 100 people.

People
Jock Gardiner is a partner at Maven. Keith Fletcher is the managing director of Fletcher Shipping.

Advisers
Equity - Brodies (Legal).
Company - Anderson Anderson & Brown (Corporate finance); Aberdein Considine (Legal).

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