Bridges Fund Management has acquired wind turbine repair and maintenance provider GEV Wind Power from Maven Capital Partners.
The acquisition comes as Bridges sought to invest in renewable energy as part of its Sustainable Planet theme, and the investment was handled via its Sustainable Growth Funds.
“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,” said James Hurrell, Partner at Bridges.
“We are excited about the expansion opportunities ahead; and we’re also delighted to be contributing to the growth of the wind turbine market, given the critical role it can play in addressing our global climate challenge.”
The existing management team, led by CEO David Fletcher, is re-investing as part of the deal and will continue to lead the business.
Investec provided acquisition funding for the transaction, as well as ongoing banking facilities.
“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,” said David Fletcher, CEO of GEV.