Maven achieves 2.9x return following the sale of McGavigan

McGavigan manufactures in mould decorative assemblies for Tier 1 automotive firms, supplying components widely used by global brand car makers, including BMW, Mercedes-Benz, Nissan, Toyota and Volvo from its sites in the UK and China. The Maven VCTs originally backed JML in 2010 to support its expansion plans, which included establishing a manufacturing facility in Suzhou, China. In December 2017 the Maven MBO Fund acquired a majority stake in the business, investing £10.25 million, which helped to provide a full exit for the Maven VCT shareholders.

Since the buyout the senior management team, consisting of David Taylor (CEO), Steve Mathers (Commercial Director), Lifeng Wang (MD- China, and Frank Duffin (Group FD) have continued to execute their strategic plan. In 2020 McGavigan opened a state-of-the-art manufacturing facility in China to help position the business for future growth with FY21 revenues now expected to be more than £30 million.

In late 2021 terms were agreed with CCL Industries Inc, a listed Plc based in Canada with global operations, via their UK subsidiary company CCL Industries (UK) Ltd for them to acquire 100% of McGavigan. The transaction represents an excellent outcome for Maven’s MBO Fund and will enable McGavigan to continue to thrive as part of the wider CCL group.

“It has been a pleasure to work with the management team at McGavigan having been on the board since 2011 and it is pleasing to see how well the business has performed during the time that Maven clients have been investors. It is also good to be able to deliver such an excellent return for our investors in the Maven UK Regional Buyout Fund and the Maven team would like to wish both CCL and McGavigan every success in the future.”

Andrew Craig, Partner at Maven

“The CCL acquisition is great news for the company, our team and our clients, and opens up huge opportunities to scale yet further our products and services globally. We are immensely proud of what our team has achieved, especially our successful expansion in China. It is important to highlight this success has been underpinned throughout our journey over the past 10 years by the collaborative relationship we have built with the Maven team. They have proven not only to be an important source of growth capital, but as genuine partners who have helped us navigate this journey and showcase the value collaborative private equity can achieve.

Steve Mathers, Commercial Director of McGavigan