Maven Capital Partners has struck a deal to acquire an EIS-focussed fund manager which it says will open up venture capital to emerging businesses.
Hot on the heels of Chancellor Jeremy Hunt announcing that the Enterprise Investment Scheme (EIS) would be extended to 2035, Maven has swooped for Newable Ventures Limited, which it will now acquire from Newable Capital Group Limited subject to regulator approval.
Maven - which itself was acquired by Mattioli Woods plc in 2021 - said the transaction represents a "strategic milestone" for the business in providing emerging businesses with an additional way to access venture capital, and a new avenue for investors to invest tax-efficiently in smaller UK companies with high growth potential.
Commenting on the acquisition, Bill Nixon, Managing Partner of Maven said: "As part of the continuing evolution and growth of the Maven business we have been keen for some time to add an EIS capability to our client offering.
"The acquisition of Newable Ventures Limited is an important step forward in completing our objective of providing a full suite of best-in-class client products, which offer access to fast growing private company investments, often on a tax assisted basis.
"The recent announcement in the Government's Autumn budget statement that the EIS and Venture Capital Trust schemes will be extended through till at least 2035 ensures that these products will remain at the forefront of financial planning and portfolio diversification for investors. We look forward to welcoming the Newable team to Maven".
Newable is an EIS-focused fund management company with £12m of assets under management.
This acquisition follows recent discussions between Maven and the Newable Capital Group executive and will allow Maven to expand its activities into direct Enterprise Investment Scheme investment.
Chris Manson, Newable Chief Executive Officer said: "This collaboration with Maven Capital Partners aligns with our vision to empower the UK's small and medium-sized enterprises and start-ups. We are excited about the new opportunities this will bring to our investors and the companies we support".
Private equity firm Maven – now with 10 offices throughout the UK – has its roots in the North-east of Scotland and was launched in 2009 after a buyout of Aberdeen Asset Management (AAM)’s private equity business.
Co-founders included Jock Gardiner, a well-known face in North-east business circles, and Managing Partner Bill Nixon spent a large part of his career in the Granite City.