NEWS & EVENTS
NEW JOBS CREATION
MAVEN
MAVEN MANAGED FUNDS LEADS £1.95M
INVESTMENT IN DYER ENGINEERING
Maven Capital Partners (“Maven”), one of
the UK’s most active private equity houses,
has, through its management of two
regional funds, provided £1.95 million of
capital to Dyer Engineering Ltd, the largest
independent engineering business in County
Durham. The North East Development
Fund, supported by the European Regional
Development Fund and the Finance Durham
Fund, established by and using funds from
Durham County Council have respectively
invested £1 million and £750,000, with an
additional £200,000 sourced from a local
private investor. The investment will support
the company’s growth plans to exploit new
opportunities in multiple industries and will
create up to 100 new jobs in the region.
Dyer Engineering specialises in the
machining and fabrication of complex
metalwork and components for the rail,
marine, power, automotive and offshore
sectors. The Company’s three distinct
divisions offer a full suite of services, from
initial design to product manufacture.
BatchLine manufactures high-integrity metal
components for the automotive and rail
sectors; TechProjects fabricates complex,
larger structures, from design concept to
production for the oil and gas and renewable
energy sectors. JobShop provides repair and
maintenance engineering services to support
clients with their in-house manufacturing
and process operations.
Several of the markets that Dyer Engineering
serves are experiencing growth with Rail
in particular being a very active sector
underpinned by government funding. Dyer
Engineering’s client base includes a number
of large companies, including Hitachi Rail,
Siemens, BAE Systems, Cummins and Nexus.
The seven individuals who form the senior
management team have more than 150
years’ combined experience across a range of
relevant businesses and industries. Managing
Director, Graeme Parkins, has over 30 years’
experience in engineering working for Rolls
Royce and Tharsus before joining Dyer
Engineering in 2011. Richard Bradley, Finance
Director, has over 15 years’ experience in
senior financial roles including as European
Head of Finance for Formica before joining
Dyer Engineering. James Robson MBE, Non-
Executive Director, was the founder of Exwold
Technology in Teesside, North East Chairman
of the Entrepreneurs’ Forum, an Investment
Committee Member for NEL Fund Managers
and has worked in the NorthEast for over 30
years.
Graeme Parkins, Managing Director of
Dyer Engineering, said “We are absolutely
delighted to have received this investment
into our company. We have a vision to
create a world class engineering business
here in the heart of County Durham
providing world class metal components
and structures to our customers and world
class jobs to our employees. Our ethos of
SmarterStrongerTogether™ is all about who
we are and how we do things on our journey
to becoming a world class company. This
investment is a rubber stamp of our plan and
will allow us to turbo charge the business’
progression over the next few years towards
our goals.”
Jamie Fraser, Investment Manager of
Maven, said, “Dyer Engineering is a leading
manufacturing business serving a number
of high growth markets, driven by a strong
management team with real vision and
dedication. The joint investment is a fantastic
example of how Maven’s regional funds
can work together effectively to provide a
local business with a substantial funding
package to enable it to grow significantly. We
look forward to working with the team and
supporting their vision of becoming a world
class engineering business.”
Sarah Slaven, Operations Director at Business
Durham said: “The Finance Durham Fund
was created to support business to achieve
their ambitions. We are confident these
investments in Dyer Engineering will position
them for growth into the next decade.
County Durham has a significant engineering
and manufacturing sector of which Dyer
Engineering is an important part, we look
forward to continuing to work with them as
they expand and create new jobs. I hope
this news will encourage other businesses in
Durham to consider applying for funding to
enable them to reach their potential.”
Cllr Carl Marshall of Durham County Council
said: “We are delighted to be able to support
another County Durham business in its efforts
to grow through our Finance Durham Fund.
The money we have given along with that
provided by other agencies is allowing the
company to create jobs which will in turn
boost the local economy. Dyer Engineering
has a proud history in County Durham from
its early days servicing the mining industry
to a business which has really adapted and
innovated as it has grown. We wish the firm
well in playing its part in making County
Durham a truly great place to live, work and
visit.”
About Maven Capital Partners UK LLP
Maven Capital Partners UK LLP (Maven)
is a lower-mid cap private equity house
focused on the provision of growth
capital and mezzanine finance to SMEs
across the UK. It is one of the most
active private equity fund managers
in the country, managing over £415
million of assets for a variety of client
funds, including Venture Capital Trusts,
UK regional debt and equity funds, and
Maven Investor Partners – a syndicate
of institutional, family office and
experienced investors.
Headquartered in Glasgow, and with ten
other offices throughout the UK, Maven
has nationwide coverage of the market
for SME finance and is introduced to
around 400 deals per year through 20
regionally based investment executives.
With over 50 staff and partners, Maven
executes a range of private company
transactions, offers hands-on proactive
portfolio management to investee
companies and provides a fully
integrated back-office support function
to client and third party fund managers.
Since 2009 Maven has invested over
£285 million in SMEs across the UK.
www.mavencp.com
About Business Durham
Business Durham is the economic
development organisation for County
Durham, working on behalf of
Durham County Council to deliver the
environment for business and economic
growth.
www.businessdurham.co.uk
Issue 37 PECM
165