Business development during Nevis ownership
- Clyde Space had received seed funding and was delivering a small profit when Craig Clark (founder and CEO) approached Nevis for support to grow the business.
- Nevis helped to get the systems and processes in place to allow the business to scale.
- We also helped to develop the management structure and build a senior management team to support Craig to take the business forward.
- The team has subsequently grown from 15 to over 80 staff.
- The business was relocated to state of the art facilities at Skypark in Glasgow with three times the capacity. This has subsequently been increased to nearly ten times.
- We provided guidance and support on growing an international business including setting up in the US.
- Nevis also provided subsequent funding twice to underpin the growth of the business and provide a stable, well-funded platform.
- We supported in the development of new products and in developing the strategy to move up the value chain, from being a component supplier to full mission provider.
- We identified that the business would benefit from being part of an international group with access to greater resources and funding to continue its development.
- AAC Microtec are another New Space business, listed on the NASDAQ First North in Stockholm. They had raised significant funding from an IPO in 2016, set up in the US and strengthened their management team. We recognised that there was strong synergy with Clyde Space and merged the businesses in a £70m deal in December 2017.
- As a result, Nevis now hold shares in AAC Microtec.
Craig Clark said:
“Nevis have supported me across all areas of the business including strategy, operations, people and finance. They bring a level of experience having grown and developed businesses before.”