The Maven UK Regional Buyout Fund aims to invest between £5m and £15m in companies worth some £10m-£40m, undergoing a management buy-out (MBO).
The firm said that the fund has now received total commitments of £100m from a range of investors, including Scottish Enterprise, family offices, high net-worth syndicates, pension funds, fund of funds and asset managers.
The fund has already deployed close to £30m in three transactions, supporting the MBOs of John McGavigan, UAP and Acton Banks, with equity investments of £10.25m, £8.6m and £9.65m respectively.
Maven, which is headquartered in Glasgow with ten offices across the UK, noted that all three businesses were acquired for their “highly experienced management teams, competitive market position, distinctive product/service offering, and the potential for high growth via attractive organic or bolt-on acquisition strategies”.
It added that it continued to see a “strong pipeline of opportunities” and expects to complete further investments during the remainder of the year.
Maven partner Andrew Craig said: “Our investors will benefit from Maven’s nationwide presence and reach, coupled with our in-depth understanding of the scale-up segment of the market and our long-term track record of identifying and investing in high quality businesses and management teams who are capable of delivering significant growth.”
Kerry Sharp, director of the Scottish Investment Bank, said: “Maven’s strong local connections and wealth of experience in transacting MBO deals will help companies looking at succession planning, change of ownership and ongoing growth plans to access the right funding to deliver on their ambitions.”
Tim Reid, founding partner at TMR Strategic LLP, which acted as exclusive placement agent for the fund, added: “Maven’s deep and impressive track record from its highly experienced buyout team and extensive reach across the UK’s key economic regions means that it has secured a leading position at the small end of the UK buyout market. This has enabled it to attract a high quality and broad ranging group of investors.”