Private equity house Maven and the Scottish Loan Fund (SLF) today announced the latter’s successful exit of its investment in Cumbernauld-based educational supplies business Spaceright Europe.
“Over the period of Maven and SLF involvement, the business has almost doubled both turnover and headcount, and now has about 90 staff across three locations,” the two firms said in a joint statement.
SLF said it has provided £2.2 million of funding since originally investing in 2014, supporting Spaceright’s acquisitions of Educational Technology and Millhouse Manufacturing Design.
Spaceright director Alan Symon said: “We are extremely appreciative of the role the SLF and Maven have played in supporting our recent growth, and in particular with the completion of two very important acquisitions which have established Spaceright’s overall offering as the most comprehensive in the sector.
“This success would not have been possible without the financial support of SLF and the strategic and commercial input of the Maven team. Working with Maven has been a great experience and the outcome has been very successful for all involved.”
Maven said it had worked “closely” with the management team at Spaceright to deliver its acquisitive expansion strategy, “which has been transformational for the business”.
Investment director David Milroy added: “We are delighted to have been able to support Spaceright in achieving such strong growth since 2014.
“We have been impressed by the management team’s drive and vision, which has seen Spaceright grow, both organically and through two successful acquisitions, to create an enlarged business with a market leading early-years offering. Spaceright’s success exemplifies the potential for the Scottish Loan Fund to support dynamic businesses in achieving their growth aspirations.”