July 3 (Renewables Now) - Private funds manager Bridges Fund Management has taken over wind turbine blade repair firm GEV Wind Power from Maven Capital Partners.
Bridges said in a statement that it emerged as the preferred bidder for GEV in “a highly competitive process.” As part of the deal, GEV’s existing management team, including CEO David Fletcher, is reinvesting in the business, which it will continue to lead.
GEV specialises in the provision of repair and maintenance services for wind turbine blades, regardless of whether the project is onshore or offshore. To date, it has repaired more than 3,000 turbines in the UK, Europe and the US.
Bridges, which has invested in GEV via its Sustainable Growth Funds, did not reveal the value of the transaction, but noted it used acquisition funding provided by Investec along with ongoing banking facilities.