Maven Capital Partners, the rebranded private equity team of Aberdeen Asset Management which spun-out in June, has led the MBO of Westway Cooling, a UK air conditioning company.
The London-based business raised £4m, with Maven contributing £2.55m, Matrix Private Equity £1.54m and the vendor rolling over £0.5m.
Westway founder Carl Brooks led the buyout with Andy Donnell, and have been joined by David Steventon as chairman. Steventon is co-founder of Covion, a UK facilities infrastructure services business acquired Balfour Beattie in 2007. Ned Dorbin of Maven has also become a board member.
Westway specializes in providing air conditioning services to blue chip clients like Marks and Spencer, Fitness First and JP Morgan Cazenove, and concentrates on refurbishment and maintenance market rather than new builds.