Fund launched to support high-growth SMEs across the Midlands

Fund launched to support high-growth SMEs across the Midlands

Published: November 14th, 2017

Maven Capital Partners, one of the UK’s most active private equity

houses and investor in SMEs, is pleased to announce that it has been

appointed by the Midlands Engine Investment Fund (MEIF) to manage a £50m

MEIF – Maven Debt Finance fund in the West Midlands. This provision is

part of the wider £250million MEIF package, £120million of which is now

available to support growing SMEs, operated by the British Business


MEIF – Maven Debt Finance is focused on providing finance to

high-potential businesses located in the West Midlands region, where it

can offer funding of between £100,000 and £1.5 million to each SME.

MEIF was announced in the March 2016 Budget, and is a partnership

between the British Business Bank (BBB) and Midlands LEPs, with the aim

of boosting the region’s economy and supporting the growth ambitions of

its smaller businesses. Maven Capital Partners UK LLP has been appointed

to manage the MEIF Debt Fund across both West Midlands and East & South

East Midlands regions, targeting businesses with an operational trading

base in the region and a strategy for growth.

Across the territory covered by MEIF many viable, dynamic SMEs, with

innovative products and services, strong business plans and highly

capable management teams, are struggling to access the funding that will

allow them to develop their businesses and market offering. MEIF is

looking to address this, with a particular focus on supporting the

growth aspirations of high-potential SMEs that can contribute to

regional economic development, job creation and innovation. Its

objective is to produce greater levels of investment in smaller

businesses, and increased flexibility in the type of funding available

to those businesses.

The Maven team has been one of the UK’s most active SME investors since

2004, on behalf of a range of client funds. With a long-established

regional team already operating across the MEIF areas, and supported by

a UK wide office network, and a number of new investment executive

appointments currently in process, Maven is well resourced to provide

the necessary support to MEIF portfolio companies, both in terms of the

initial investment process and ongoing support as those businesses grow.

Patrick Magee, Chief Commercial Officer at the British Business Bank

said "The Midlands Engine Investment Fund will build relationships with

the region’s diverse small business community, through its appointed

fund managers and its own relationship managers. MEIF will play a

pivotal role in plugging the gaps currently present in the funding

landscape, seeking to ensure that all businesses have access to the

finance they need to grow. Maven will have an instrumental role in the

successful allocation of the fund, and we’re looking forward to working

with the team to mobilise fast-growth businesses across the region."

Andrew Ferguson, Partner, Maven Capital Partners UK LLP, said "Maven has

many years’ experience of investing in and supporting SMEs across the

Midlands. We are one of the UK’s most experienced and active private

equity fund managers, and are delighted to be working with the British

Business Bank to deliver the objectives of the MEIF. The Midlands has a

deserved reputation as being a key driver in UK economic growth and

producing innovative smaller businesses, and there remains a clear need

for this type of funding to help high-growth Midlands SMEs fulfil their

potential. Our MEIF Debt Fund team is very much looking forward to

working in partnership alongside Midlands SMEs."

The Midlands Engine Investment Fund project is supported financially by

the European Union using funding from the European Regional Development

Fund (ERDF) as part of the European Structural and Investment Funds

Growth Programme 2014-2020 and the European Investment Bank. The

initiative is also supported by the Department for Business, Energy and

Industrial Strategy as well as ten Local Enterprise Partnerships across

the region’s geography.

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