Private equity firm snaps up £15.6m-turnover energy company

A private equity business has bought a Hull-based wind turbine repair and maintenance provider.

Bridges Fund Management acquired GEV Wind Power from Maven Capital Partners.

The existing management team of GEV, led by CEO David Fletcher, is re-investing as part of the deal and will continue to lead the business. Fletcher said: “Over the last few years GEV has established itself as a global market-leader in wind turbine blade repair and maintenance.

“We are now excited to be partnering with Bridges as we embark on our next growth phase.

“It was very clear when we met the Bridges team that we had very similar values and a very similar vision for what GEV could achieve. We look forward to working with Bridges to scale the business and optimise our impact.”

James Hurrell, Partner at Bridges, said: “We are delighted to be backing David and team to grow GEV.

“We have been looking for the right opportunity in the renewables sector for some time, and in GEV, we see a business with strong momentum in a large and global market.

“We are excited about the expansion opportunities ahead, and we’re also delighted to be contributing to the growth of the wind turbine market, given the critical role it can play in addressing our global climate challenge.”

GEV provides high-value blade repair and maintenance services to wind farm manufacturers and operators in the UK, Europe and the US, operating both onshore and in complex offshore environments.

The business specialises in providing expert technicians to repair blades, reducing downtime and maximising production. It has repaired over 3,000 turbines to date.

Bridges is investing in the company via its Sustainable Growth Funds, which put money into high-growth business that are supporting the transition to a more sustainable economy.

Bridges said it has had a longstanding interest in renewable energy as part of its ‘Sustainable Planet’ theme, and studied the wind turbine maintenance market in detail.

The deal to acquire GEV was led by James Hurrell and Daniel Knight at Bridges. Investec provided acquisition funding for the transaction as well as ongoing banking facilities.

KPMG (Giles Taylor, Rob Logue and Jonathan Steed) provided corporate finance and due diligence support to the vendors on the transaction.

Taylor, corporate finance partner at KPMG in Leeds, said: “It is exciting to see the continued development of the global renewable energy services sector especially with the Humber developing into a significant hub. This deal is further evidence of the region’s reputation as a market leader in wind energy and demonstrates its ability to attract serious investment. We see this as a landmark transaction in the renewable services space and further proof that capital is available to back great businesses with a robust international strategy and growth potential.”

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