UK investor Bridges Fund Management has acquired compatriot offshore wind turbine maintenance services provider GEV from Maven Capital Partners.
GEV’s existing management team, led by chief executive David Fletcher, is reinvesting as part of the deal and will continue to lead the business.
Bridges is investing via its Sustainable Growth Funds, which invest in high-growth business that are supporting the transition to a more sustainable economy.
Bridges studied the wind turbine maintenance market in detail as part of its thematic analysis and identified GEV as a best-in-class operator.
A strong alignment with management on strategy and impact also resulted in Bridges being selected as the preferred bidder in a highly competitive process.
The deal was led by James Hurrell and Daniel Knight at Bridges and Investec provided acquisition funding for the transaction as well as ongoing banking facilities.
Fletcher said: “Over the last few years GEV has established itself as a global market-leader in wind turbine blade repair and maintenance. We are now excited to be partnering with Bridges as we embark on our next growth phase.
“It was very clear when we met the Bridges team that we had very similar values and a very similar vision for what GEV could achieve. We look forward to working with Bridges to scale the business and optimise our impact.”
GEV provides blade repair and maintenance services to onshore and offshore wind farm manufacturers and operators in the UK, Europe and the US.
The company has repaired over 3000 machines to date.
James Hurrell, a partner at Bridges, said: “We have been looking for the right opportunity in the renewables sector for some time; and in GEV, we see a business with strong momentum in a large and global market.”