Bridges Fund Management uses £1bn transition war chest to buy GEV Wind Power

A fund with a £1 billion energy transition war chest has used it to buy turbine blade repair firm GEV Wind Power. Bridges Fund Management, an investment company with offices in London and New York, announced yesterday that it had bought GEV after waiting “for the right opportunity” to enter the renewables sector. GEV supplier blade repair and maintenance services to wind farm manufacturers and operators in the UK, Europe and the US, both onshore and offshore. GEV Wind Power was bought from Maven Capital Partners.

The acquisition amount was not disclosed.

David Fletcher, chief executive of GEV, 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.”

Renewable energy creates three times more jobs than fossil fuels. According toClean Technica, “a national study showed that job creation in clean energy outdoes fossil fuels by a margin of 3-to-1 — every dollar put into clean energy creates three times as many jobs as putting that same dollar into oil and gas.”

The existing management team, led by Mr Fletcher, is re-investing as part of the deal and he will continue to lead the business. James Hurrell, partner at Bridges, says: “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.”