GEV Group (GEV), the specialist engineering and access company working in the oil & gas and renewable energy sectors, has announced a £5.4 million investment by Maven Capital Partners, one of the UK’s leading Private Equity Houses. The investment provides GEV with the additional development capital it needs to support its impressive growth plans.
Highly regarded for its project delivery, quality of people and innovation in its products and processes, GEV Group comprises of four main divisions which operate across multiple markets and global locations: Subsea Masters, GEV Offshore, GEV Wind Power and Oxifree.
Subsea Masters is the second largest trading business for GEV and is a skilled engineering provider to the deep water drilling industry. Based in the highly strategic location of Las Palmas, Gran Canaria, the company provides a stable and safe environment for rig maintenance and repair to the West African offshore drilling market.
GEV Offshore provides an extensive range of services including the supply of project teams for construction, frontline maintenance and asset integrity for the energy services sector. The group has grown significantly in recent years and now employs 145 staff with a turnover exceeding £10 million.
David Fletcher, CEO at GEV Group, comments: “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.
“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.”
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.”
GEV Group is also delighted to announce the appointment of its new chairman, Ron Smith, who sat on the executive management board at Siemens UK between 1997 and 2010; the introduction between the two organisations was facilitated by Maven Capital Partners.
Andrew 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.”
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.”