Maven Capital Partners, the private equity spin-out of Aberdeen Asset Management, has invested £2m in Documetric, a UK business services provider, through its Capital for Enterprise (CfE) Fund.
Rotherham –based Documetric is a technology-led business process outsourcer delivering payment processing, transactional and managed services in secure data management applications, finance and administration. The money raised will be used to further growth.
Andrew Craig, partner at Maven, said: “Documetric is a high quality BPO with an impressive blue chip client base, the senior management team, led by Rami Cassis, have exciting plans for the business and Maven is delighted to be able to provide this investment from the CfE Fund to help the team achieve their strategic vision. This again demonstrates the value of the CfE fund in supporting ambitious UK businesses like Documetric.”
The CfE fund is a £75m programme launched earlier this year to support SMEs, with £50m coming from the UK government and a further £25m from Barclays, HSBC, Lloyds TSB and RBS. The fund provides between £200,000 and £2m of equity and quasi-equity to mall- and medium-sized British companies.
Of this £75m, £60m has been allocated to two separate £30 funds managed by Maven and Octopus Investments. The remaining £15m is being invested directly by Capital for Enterprise Fund Managers on a co-investment basis.