Aberdeen Asset Management sells PE arm to bosses

BOSSES of Aberdeen Asset Managers’ private equity arm have completed their own management buyout to create Maven Capital Partners, a new mid-market  firm.

Maven Capital Partners which has an office in Manchester, is joint manager of the £30m Capital for Enterprise Fund, which is part of the Government’s Real Help for Business campaign to help businesses through the recession.

The new firm will retain the previous focus on the lower mid-market private equity market, managing around £160m of capital.

Maven will typically back established management teams at private companies valued at up to £25m, providing equity finance of £1m to £6m for management buy-outs,acquisition finance, replacement capital and development capital for private companies.

Andrew Craig, investment director and head of the firm’s Manchester office, is part of the management buy out team, which is led by Bill Nixon, the former head of investment at Aberdeen Asset Managers Private Equity.

Mr Nixon said: “We are a very pleased that the entire Aberdeen private equity investment and support function across the UK has joined Maven, allowing us to secure the services of some very experienced colleagues to help manage and grow the business.

“We look forward to the future under our new brand with great enthusiasm.”

Ryan Bevington, senior investment manager at the Manchester office said: “The buyout was a natural move for us, and we’re now the masters of our own destiny. This is good news for us and the business.”

Financial terms of the deal were not disclosed although Aberdeen Asset Management has retained a minority stake in the business.