Wind turbine servicing specialist GEV Wind Power has joined the Certek group of companies in an undisclosed deal.
The global operator, which has headquarters in Hessle, provides inspection, monitoring, rope-access and maintenance services to on-and offshore wind turbines. Its customer base includes the world's largest manufacturers and wind farm operators.
The deal marks an exit for Bridges Fund Management, which has backed the 拢10.2m turnover firm since 2019. Meanwhile Certek - founded last year - is acquiring businesses that have a strong compliance, safety and regulatory element to their service and the addition of GEV will see its revenue top 拢100m on a pro-forma basis.
Dealmakers said Certek is backing GEV founder and CEO David Fletcher, and his management team, who have grown the business over the last 15 years. The fresh investment is said to set GEV for further growth.
Shareholders, including Bridges, were advised by FRP Corporate Finance, led by partner Dave Howes and supported by partner Ryan Symonds, director Alex Hunton and manager Liam Merritt. FRP led a marketing process which is said to have attracted the attention of a number of potential suitors, including private equity buyers.
David Fletcher, CEO of GEV, said: 鈥淥ur business plays a critical role in supporting the generation of clean energy, as we actively maintain the operational performance of wind turbines and help to reduce downtime. With Certek鈥檚 backing, we will continue to increase our support infrastructure for our clients and play an active part in supply chain solutions, focusing on the consistent delivery of quality and safety that our clients demand across all key geographies where we operate.鈥
He added: 鈥淚t has been a pleasure to work with Dave, Ryan and Alex on this transaction. Their knowledge of GEV and the renewable energy sector, together with their senior led, hands on approach has been a key differentiator and why we chose to use the team again for this particular transaction. This helped to ensure a highly competitive and successful process, delivering a positive outcome for all parties.鈥
Dave Howes, partner at FRP Corporate Finance said: 鈥淲e are delighted to have supported GEV on their latest transaction to Certek. Having worked with GEV and the management team for over 10 years, it has been fantastic to see the business evolve into a truly global market leading service provider in the wind energy industry. The investment by Certek will enable GEV to continue their growth and innovation in the sector.鈥
Additional sell side legal support was provided by Pinsent Masons and Squire Patton Boggs. GNEISS Energy provided market advice; Ernst & Young gave vendor financial due diligence and Brinckmann provided commercial due diligence.
