Scottish lower mid-market buyout house Maven Capital Partners has made a 3.7 times return on its original investment in telecoms services business Nessco after selling the company to RigNet, the Nasdaq-listed telecoms business, for £31m.
Since Maven’s original investment in June 2008, the company has increased annual revenues to over £30m and earnings growing by over 200 per cent to £3.5m over the same period.
Nessco provides telecommunications services to the global energy and industrial sectors, including the design, installation, commission and maintenance of communications services, VSAT networks, and mobile communications products for sale or hire.
“Nessco Group has been an excellent investment for Maven since 2008 with the company doubling in size, workforce and profitability,” said Maven partner Jock Gardiner.
The energy services sector is a key area of expertise for Maven, whose Aberdeen-based team has led 12 transactions in the sector and achieved four profitable realisations generating sale multiples ranging from 1.7 times to 3.7 times cost.
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