Bridges Fund Management has made the acquisition as part of its strategy to invest in businesses that help in transitioning toward sustainable economy
Image: Bridges acquires wind turbine services provider GEV for an undisclosed amount. Photo: Courtesy of Bridges Fund Management Ltd.
UK-based fund manager Bridges Fund Management has acquired GEV Wind Power (GEV), a wind turbine repair and maintenance services provider from Maven Capital Partners, for an undisclosed amount.
GEV Wind Power offers blade repair and maintenance services to onshore and offshore wind farm developers and operators across the UK, Europe and the US.
As wind turbine blades are vulnerable to erosion and weather damage, their aerodynamic efficiency gets affected, leading to a reduction in energy production.
GEV Wind Power claims to have repaired over 3,000 turbines to date
GEV Wind Power specialises in repairing blades, thereby reducing downtime and maximising power generation. It claims to have repaired more than 3,000 turbines to date. With turbines increasing in size and rotating at faster rates, they are prone to damage. Therefore, GEV Wind Power expects to play major role in supporting the growth and resilience of this sector.
GEV Wind Power CEO David Fletcher said: “Over the last few years GEV has established itself as a global market-leader in wind turbine blade repair and maintenance. We are now excited to be partnering with Bridges as we embark on our next growth phase.
“It was very clear when we met the Bridges team that we had very similar values and a very similar vision for what GEV could achieve. We look forward to working with Bridges to scale the business and optimise our impact.”
Bridges Fund Management invests through its Sustainable Growth Funds, in businesses that support transition to more sustainable economy.
Bridges Fund Management partner James Hurrell said: “We are delighted to be backing David and team to grow GEV. We have been looking for the right opportunity in the renewables sector for some time; and in GEV, we see a business with strong momentum in a large and global market.
“We are excited about the expansion opportunities ahead; and we’re also delighted to be contributing to the growth of the wind turbine market, given the critical role it can play in addressing our global climate challenge.”