Maven and Mobeus sell interest in Westway Services

The sale to US-based ABM has generated a 6.8x total return on the original investment for Maven and Mobeus clients.

Founded in 2001, Westway provides an integrated range of technical building services on both planned and reactive maintenance contracts. The business has evolved to offer clients a full range of mechanical and electrical engineering services covering infrastructure such as heating, ventilation, air conditioning, refrigeration, and electrical installations.

Maven and Mobeus funded the original MBO of London-based Westway in 2009 and have since helped grow its footprint throughout the UK.

At the time of the first investment Westway had a turnover of £9.6 million, an EBITDA of £2.1 million, and employed 38 people from a single office location in West London.

Under the leadership of managing director Andy Donnell, the company has since achieved year-on-year growth, and following a secondary management buy-out led by Maven in 2014, has significantly grown with forecasted turnover set to exceed £50 million, EBITDA to over £5 million, and now employs 535 people across its UK offices in Ruislip (West London), Bristol, Glasgow, Leeds, and Northampton.

The success was achieved by a proven track record of delivering a reliable and high level of service for its blue-chip client base.

Andrew Symmonds, investment director at Maven said: “Maven has consistently seen the potential of Westway’s business model, having backed the management team on two occasions, and today’s sale, which delivers a healthy 6.8x total return on the original investment, demonstrates the high regard in which the business is held amongst its client base. Our refinancing of Westway last year helped the business capitalise further on its projected growth in the sector, whilst providing the continuity needed to allow it to continue its organic growth strategy and to pursue planned geographical expansion into other parts of the UK. The growth in turnover, profit and employees is an excellent example of how Maven’s ability to offer flexible funding solutions can help businesses like Westway fulfil their potential.”

Bob Henry, partner at Mobeus, said: “Mobeus has always been a keen supporter of Westway and its management team, who have built an extremely strong business by over-delivering on customer expectations. They have achieved this by creating a well-trained and highly motivated workforce. This has been no mean feat during a period of very rapid growth. It is clear that this management philosophy was one of the attractions of Westway to ABM.”

Andy Donnell, managing director of Westway Services added: “Since their initial investment in 2009, Maven have supported the management whole heartedly to achieve their goals. They have worked with the team to develop a clearly defined strategy and allowed them the autonomy to execute it. The opportunity for Westway to move into the ABM group provides an excellent vehicle for it to continue its impressive growth.”