Significant investment supports future growth at Hull firms
One of the UK’s most active private equity houses, Maven Capital Partners has led a significant investment into two Hull headquartered firms – Pagabo, a procurement services specialist, and Sypro, a contract management and compliance software provider.
The two businesses share common ownership and have highly complementary propositions which provide a compelling end-to-end solution for public sector and large enterprise clients when managing complex construction projects. The transaction will allow for the creation of a formal group of companies.
The undisclosed investment will support the group on its next stage of growth, helping to capitalise on positive market dynamics driven by increased public sector spending on national infrastructure projects and Government policy to deliver improved greener infrastructure.
It marks the latest success for the Maven UK Regional Buyout Fund, Maven’s first institutional fund, which as established to facilitate attractive MBOs of companies with an enterprise value of £10m to £40m across the UK and has now completed six investments.
Ryan Bevington, investment director at Maven, said: “This is an exciting opportunity for Maven to back a high-growth business with significant visibility of future revenues in a dynamic marketplace. The senior management team, led by Gerard Toplass, have the entrepreneurial mindset we look for in an investee company and they are extremely ambitious to build on the success they have achieved to date. Our investment will help to scale the Group and maximise the opportunities which will arise from the Government’s objective to deliver better infrastructure as the UK emerges from the pandemic.”
Gerard Toplass, group chief executive of Pagabo and Sypro, added: “The investment from Maven will really help our businesses thrive and build on our ambitions in the coming years, allowing us to support our own clients with the highest-quality services and products needed for their projects, and to help the Build Back Better, Greener and Faster agenda. We look forward to driving our ambitions and growth further as we seek to deliver the vision of our public sector clients and our wider ecosystem to create a better future for all.”
