Maven Capital backs Scottish ethernet tester Calnex with £2m from SLF


cable-ethernet_sqScottish private equity and alternative asset manager Maven Capital Partners has invested £2m in ethernet testing business Calnex Solutions using the £113m Scottish Loan Fund.

The fund, which was launched two years ago to support growth businesses in the country, provides mezzanine loans ranging from £250,000 to £5m.

Calnex has established a customer base including developers of next-generation smart devices such as Nokia and Samsung as well as global telecommunication companies like Vodafone, which deploys the technology on its networks.

Maven investment director David Milroy said, “Calnex is exactly the type of company that the SLF is ideally placed to support.

“We have been particularly impressed with the quality and strength of the management team, who have a track record of designing, developing and launching complex electronic test solutions that are deployed by a blue-chip international customer base.

“The team are widely regarded as being at the forefront of their field.

“It is particularly encouraging to see a young Scottish business successfully compete globally, and we are delighted to be partnering with Calnex as it prepares for a significant period of growth.”

The Scottish Loan Fund is backed with £55m from The Scottish Investment Bank and is part financed by the Scottish Government, Highlands and Islands Enterprise and the European Regional Development Fund (ERDF).

In May UK-based Maven sold its stake in Atlantic Foods to US company Flagship for a return of 1.8 times, making its seventh profitable exit in a little over a year.

Atlantic manufactures and supplies food to casual dining, delivery and pub chains in the UK and currently has annual revenues of around £50m, double that of 2008 when it was bought out by Maven.

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