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  • Apex logo

    Apex Generators (“Apex”) specialises in the hire of power generation equipment and offers a range of diesel generators and ancillary products.

    Business development during Nevis ownership

    • The business was formed in November 2009 when Nevis acquired Woodside Power and re-branded it as Apex Generators.
    • We brought in experienced management to augment the existing Woodside Power team and supported them to relocate the business and implement an ISO accredited integrated management system within six months.
    • This facilitated a market leading level of customer service which helped drive sales into new sectors and geographies.
    • To support this growth, Nevis and its banking partners provided the finance to increase the hire fleet from 10mVA to 45mVA.
     
    • During our ownership, sales quadrupled and what had been a breakeven business generated EBITDA in excess of £1.7m per annum.
    • In 2013, Nevis identified HSS Hire Group as a potential trade acquirer of the business and initiated discussions about combining Apex with their existing Abird business.
    • Having built a strong relationship with the HSS team, we sold Apex to them in March 2014.
     

    The success of Apex was driven by the combination of a strong management team complemented by the strategic support of Nevis. Robert Gibson, who led the Apex management team, commented:

    “Nevis brought the experience, finance and mindset for growth that we needed and were instrumental in the development of the business. Their straight-forward approach and ability to support us when required made them the ideal partner for a growing business.”

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    MSP logo

    The Micro Spring & Presswork Company (“MSP”) is a specialist manufacturer of a wide range of springs, presswork and assemblies primarily for the aerospace and oil & gas industries.

    Business development during Nevis ownership

    • Established in 1964, MSP was acquired by Nevis in February 2008.
    • At the time of the acquisition, Nevis brought in Keith Gardner to replace the outgoing Managing Director and to complement the existing team.
      We worked with the existing second tier of management providing them with the training and support required to create a high performing team across sales, operations and finance.
    • Nevis partnered with the management team to develop MSP’s systems and processes to achieve the accreditations (AS 9100 and NADCAP) required to grow sales in its core Aerospace market and to implement a new ERP system providing job costing and improved management information.
     
    • Investment in new machinery assisted in automating aspects of production increasing capacity and improving margins.
    • The acquisition of Invincible Spring Company in 2011 expanded MSP’s customer base and brought strong additions to the sales and quality teams.
    • Nevis analysed MSP’s end markets and territories and identified the Oil and Gas sector as a key target for future growth. From a standing start, the sector generated consistent growth with customers in the UK, Norway and the USA and represented a third of the business at the time of the Nevis exit.
    • Under Nevis ownership, sales grew by more than 50% and the number of employees grew from 29 to 45.
    • In 2014, Nevis identified Indutrade as a strong strategic buyer for the business who would support its continued growth. After building a solid relationship with the Indutrade team, Nevis sold MSP in June 2014 providing an excellent return to Nevis and Managing Director, Keith Gardner, who remained with the business.
     

    With Nevis supporting the management team, MSP grew to become recognised as a market leader in its chosen sectors. Keith Gardner, Managing Director of MSP, said:

    “Nevis worked with us to build the foundations for growth and helped us to expand into new markets and territories. Their team brought a range of skills and experience together with a “can do” attitude that made them the ideal partner to drive the company forward.”

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    Clyde Space logo

    Clyde Space design and manufacture small satellites as well as providing complimentary services for space missions. They are world leaders in Cubesats (< 10kg satellites) and support missions from concept through to design, development, integration and testing, to launch and orbit operations.

    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.”
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