Maven investment to accelerate growth
INDUSTRIAL maintenance, service and repair group Deritend Industries is set for expansion follwoing a £2m cash injection from Maven Capital Partners.
The deal has been done under the Capital for Enterprise Fund (CFE Fund) of which Maven Capital is joint manager.
The £75m fund is a government backed initiative launched in 2009 to help SMEs gain access to the financial support required to bridge the funding gap caused by the credit crunch.
Sheffield-based Deritend, which operates a national branch network, has plans to develop an energy efficiency consultancy services to industrial customers.
Richard Hale, group managing director of Deritend Industries, said: “The investment by Maven using the Capital for Enterprise Fund will underpin our growth strategy. It provides us with the stability to further develop our business close on the heels of development of our engineering centre of excellence in West Bromwich and site services business in Ashby.
“Our stated aim is to consolidate our leading position as the outsourced repair and maintenance partner of choice for British business, working closely with a range of sectors including manufacturing, food and beverages and utilities.”
Andrew Ferguson, partner at Maven, said: “Deritend Industries has an impressive record as a national business introducing innovative value added services to an impressive blue chip client base – such as online maintenance information and whole-life asset management including condition monitoring, thermal imaging, vibration analysis and energy efficiency improvements.
“The senior management team have exciting plans for the business and Maven is delighted to be able to provide this investment from the CfE Fund at a critical time in the company’s development.”
Maven, a lower mid-market private equity firm, was formed last year following the management buyout of Aberdeen Asset Managers’ private equity arm.
