Climate change and air pollution are major concerns of our time. The exhaust emissions and fuel consumption of Heavy Duty Vehicles such as buses and trucks are a major contributor to these issues. AVID is playing an important role in tackling these major challenges, with AVID technology used in applications ranging from buses and off-highway machinery to hybrid and electric supercars. AVID is at the forefront of technical developments in the transition of vehicle powertrain to clean and efficient hybrid and electric technologies. The company has become the go-to development partner for global vehicle manufacturers because of its innovative fully integrated solutions.
AVID was founded by award-winning entrepreneur Ryan Maughan and along with his ambitious management team has led its growth and development. Avid has design and engineering capabilities that help its customers meet the need for innovation, particularly in relation to electrification of engine components, and can now provide a full service from concept, design and testing, through to manufacturing and full integration into the vehicle.
NVM are the leading investors but also participating in the funding round are existing investors North East Technology Fund (“NETF”), managed by IP Group plc, and new investors Downing LLP. Andy Hales, previously a corporate finance partner in KPMG’s diversified industrials team, has invested in AVID and will join the board as Chairman.
Mauro Biagioni, who led the deal with support from Charles Winward of NVM Private Equity said:
“AVID has a strong platform for growth. We have been impressed by the customer feedback and believe we have identified a business with an excellent leadership team which follows the values and principles from the leading leadership sites like https://www.salesforce.com/blog/2017/09/leadership-behaviors-that-hurt-your-team.html to make sure every employee of their company feels special. This investment demonstrates NVM’s commitment to supporting the growth of ambitious UK based companies, using our VCT funding and strategic expertise to create scale and sustainable value.”
Kostas Manolis, Partner at Downing LLP said
“We are delighted to be able to support the growth of AVID Technology Group at a very exciting time for the business. We also recognise the benefits of investing alongside NVM and IP Group, two well-respected and dynamic investment houses, and we look forward to working with such a great team.”
Andy Hales, Chairman said:
“I am pleased to be joining AVID. I’ve worked across the global engineering sector, and see significant opportunity for UK specialist engineering companies, especially those with AVID’s strong reputation for innovation, quality and delivery.”
Ryan Maughan, Managing Director of AVID, said:
“This investment builds on the success of our fantastic team with our customer base of blue chip vehicle manufacturers and operators across the world. It will allow AVID to develop its engineering and manufacturing capabilities, to continue our mission of improving the efficiency and environmental impact of the most polluting vehicles. I am very grateful for the continued support of IP Group’s NETF and the new investments from NVM and Downing who have recognised the capability of the AVID business. I am looking forward to working with the team to continue to deliver the vision for the business.”
-ENDS-
NOTES TO EDITORS
Download photos of: Ryan Maughan and general AVID photos here – www.nvm.co.uk/PRphotos
NVM Private Equity is independently owned with over 30 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing over £260 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities of between £2 million and £12 million in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. www.nvm.co.uk
Downing LLP raises and invests venture capital. Downing typically invest £1m to £10m in high growth companies and currently have over £850m under management and are actively seeking new investment opportunities. www.downing.co.uk
For further information please contact:
- Natalie Dickinson (NVM: PR & Marketing) – 0118 951 7021 natalie.dickinson@nvm.co.uk
- Charles Winward (NVM: Investment Director) – 0118 951 7000 charles.winward@nvm.co.uk
- Ryan Maughan (AVID: Managing Director) – 0167 070 7040 ryan.maughan@avidgr.com
Principals and key advisors to the transaction:
NVM Private Equity – Charles Winward and Mauro Biagioni
Downing LLP – Kostas Manolis and James Lewis
Advised by:
PwC(Financial due diligence)– Kevin Barnard, Benjamin Vening and Will Oxley
Fairgrove Partners (Commercial due diligence) – Paddy Woods Ballard
Bond Dickinson (Legal due diligence and NVM legal advice) – Jamie Pass, Catherine Willis
Continuum (Management due diligence) – Steve Wycherley
Aon (Insurance due diligence) – John Donald
Muckle (Management legal advice) – Philip Clare, Mike Spetch and Adam Rayner
