Maven Capital Partners exits from energy efficient technology company Cyclotech

11 November 2009

UK-based private equity firm Maven Capital Partners has completed the exit from water treatment technology firm Cyclotech by way of a trade sale to M-I Drilling Fluids, which provides hydrocarbon projects with drilling fluids.

Clients of Maven originally invested £1.4m in May 2007 to provide Cyclotech with development capital to expand existing operations, further develop technological products and pursue an ambitious growth strategy. Since the initial investment was made, Cyclotech trebled its annual revenues, according to Maven.

The sale realised a return of more than triple the money on the initial investment and an internal rate of return (IRR) of over 50 per cent for the firm.

‘The capital we provided enabled Cyclotech to fast-track their growth and, as a result, they have attracted a trade buyer, helping to realise value for our investors and the management team at Cyclotech,’ said Jock Gardiner, partner, Maven. ‘The acquisition by MI should provide the company with a platform to continue its global strategy.’

Cyclotech manufactures fluid separation technologies used in the oil and gas industries, based on its proprietary hydrocyclone technology, with operations in Aberdeen, Stavanger, Basingstoke and Singapore.

David Hadfield, CEO of Cyclotech said, ‘Maven’s investment has allowed us to accelerate our growth plans in terms of geographic expansion and bringing new technology to market. We have benefited hugely, not only from the investment, but also from Maven’s expertise in our sector and a close cultural fit between our organisations.’

M-I Drilling Fluids is a member of the M-I SWACO group based in Houston, Texas.

Maven provides equity finance for established and entrepreneurial businesses, where the enterprise value is between £5m and £25m. The firm support acquisition, expansion or buy-and-build strategy, typically providing equity finance of £1m to up to £6m.

Copyright © 2009 NewNet

Tags: energy efficiency, water treatment

This story was published on Wednesday, November 11th, 2009 at 4:20 pm and is filed under Europe, deals, energy efficiency. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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