Maven exits Nessco Group to NASDAQ firm RigNet
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Private equity firm Maven Capital Partners has exited its investment in Nessco Group by way of a trade sale.
Four years after Maven Capital Partners backed telecoms business Nessco Group, the firm has divested of its interest through a £31 million sale to NASDAQ-listed RigNet.
The transaction represents a 3.7x return on the original investment and comes after Aberdeen-based Nessco grew its revenues to £30 million and earnings by 200 per cent to £3.5 million.
Nessco provides telecom services to the energy and industrial sectors by way of the design, installation and maintenance of products such as VSAT networks and mobile communications.
The energy services sector is an area which Maven says 'continues to attract entrepreneurial businesses'. The sector represents a 'key area of expertise' for the firm and has led to 12 energy services related deals since 2007.
Jock Gardiner, partner at Maven, comments, 'Nessco Group has been an excellent investment for Maven since 2008 with the company doubling in size, workforce and profitability.'