Maven Capital Partners has sold WEMS International Limited to WHEB Partners and members of the WEMS management team. This marks the realisation of the investment made in June 2010 by Maven on behalf of the Capital for Enterprise Fund A. WEMS is a UK-based provider of building energy management systems and associated energy management services.
Maven Capital Partners UK LLP (Maven) announces the sale of WEMS International Limited to WHEB Partners and members of the WEMS management team, realising the investment made in June 2010 by Maven on behalf of the Capital for Enterprise Fund A.
WEMS (formerly Adam Communication Systems International Limited) is a leading UK based provider of building energy management systems (BEMS) and associated energy management services. WEMS products and services allow customers to significantly reduce energy costs, carbon emissions and to comply with increasing levels of legislation in this area over recent years.
Stockport based WEMS was established in 1990 and has many thousands of installed energy management systems within the UK market. Its suite of innovative wireless products allows for lower installation costs and reduced disruption for customers, in addition to web enabled remote monitoring and control of the energy management systems.
Maven invested in the business in June 2010 on behalf of the Capital for Enterprise Fund A (CfE) in order to support future growth and development plans whilst maintaining high levels of service to existing customers. The investment has achieved an IRR of 50% on the mezzanine loan in just over two years.
During the time of Maven’s investment the company has successfully implemented the roll-out of its BEMS solution for BT Group plc and has further diversified its customer base of blue chip customers. The existing management team was strengthened over the investment period and this helped achieve a sales increase from under £6m when Maven invested in 2010, to around £12m in 2011 and 2012.
Ryan Bevington, Investment Director at Maven Capital Partners, commented: “We are delighted with this outcome for the team at WEMS, with whom we have worked closely during the time of Maven’s investment to help the business implement its growth strategy and consolidate on a number of significant contract wins. WEMS has developed a strong technology and service led offering which delivers cost efficiencies and reliable energy management capabilities to its customers.
This investment has demonstrated the value of the CfE fund in supporting ambitious UK growth businesses when access to finance has otherwise been difficult.”
Steve Dillon, Executive Chairman of WEMS, said, “The Maven CfE investment has allowed the WEMS management team to deliver significant growth for the business during an exciting period in the company’s 22 year history. The Maven team has been extremely supportive of our plans throughout and I am confident that the company’s success will continue as it enters its next stage of development”.