Maven Investment Director Michael Vassallo
Maven Capital Partners, (“Maven”), one of the UK’s most active private
equity houses, is delighted to announce that its North East office, led by
Investment Director Michael Vassallo, achieved a record year in 2022. The local
team invested £15 million and successfully leveraged an additional £17.5
million in private sector finance to support 18 dynamic, high growth businesses
across the North East region, completing over £30 million of deals.
The core
sectors that received investment were Technology, Manufacturing, Support
Services, DeepTech, and Green Energy.
Following
the success of Maven’s NorthEast team, it will be embarking on a recruitment
drive to expand its investment team, allowing Maven to seek out and support
more companies in the region.
Maven
invested in many exciting businesses across the North East, including a
multi-million pound investment in to Pragmatic Semiconductor, which has
developed and commercialised world-leading technology. The funding will be used
to support UK-based semiconductor manufacturing at Pragmatic’s new 15-acre
Pragmatic Park site in Durham.
The team
also invested in high growth technology businesses, including employee voice
specialist HiveHR and real time data provider Diffusion Data, as well as more
established businesses, including market-leading training and recruitment
services provider Castle View Training and Newton Aycliffe based manufacturer
Roman Showers.
In 2022,
Maven also helped businesses relocate to the region, supporting AI powered
technology platform, RevLifter, to move part of its business to the Catalyst in
Newcastle, as well as supporting sustainable thermoformed packaging
manufacturer, iPac Innovations, with funding to open a new manufacturing
facility in Durham following major contract wins.
Maven
also completed a highly successful exit from Intelligence Fusion, a threat
intelligence data and software provider based in County Durham. The business
was acquired in August by US private equity backed Sigma 7.
Over the
last five years, Maven’s North East team has made a significant, positive and
lasting impact on the regional economy, backing over 40 local companies, and
creating and safeguarding over 1,250 jobs.
This
significant level of investment has been achieved through Maven’s management of
the £20m Finance Durham Fund, established by Durham County Council and overseen
by Business Durham and the £27 million North East Development Capital Fund,
supported by the European Regional Development Fund, alongside its suite of
private equity funds.
Investment Director Michael Vassallo said: “The North East continues to be a region
full of opportunity for venture capital investment and the depth of talent and
level of innovation across the region is truly inspiring.
We are committed to the region and are currently advertising for two
full time investment roles to join our North East office as we look forward to
expanding our regional business and backing more exciting companies in 2023 and
beyond."
