Maven Capital Partners: Fashioning a stronger future

Smarter, Stronger, Together.

Those are the guiding principles of SST Group, the endeavour formed by the directors of one of the largest engineering companies in County Durham, thanks to £1.625 million investment from private equity and venture capital firm Maven Capital Partners.

The parent group of Dyer, which employs nearly 200 staff at its Annfield Plain and Harelaw sites, SST Group is overseen by chief executive Richard Bradley.

Standing at the helm of the engineering business for 15 years, Richard has overseen the expansion and development of the company, which will celebrate its 50th anniversary in 2027.

The story behind the new name is one he likes to tell.

The short and long versions involve one of the key questions asked by Sir Steve Redgrave and his crew members as they embarked on winning multiple Olympic golds decades ago.

Richard says: “The whole concept of being smarter, stronger and together is very close to our hearts.

“We’ve put a lot of blood, sweat and tears into this business over the years; it’s been a long journey to get here.”

The story of Dyer is also one Richard likes to tell.

SST Group emerged from funding secured from the Northern Powerhouse Investment Fund II and the Finance Durham Fund, which are managed by Maven Capital Partners.

And the backing has already borne fruit.

Earlier this year, SST Group bought Washington-based metal cutting and fabrication firm Q-Laser, which includes additional workshops in Hebburn and Middlesbrough, and bosses are keen to add further names to its portfolio and build on Dyer’s legacy.

That business was founded in Annfield Plain in 1977 by John Dyer, to service the needs of farmers and the local mining industry.

The company survived the steel sector’s collapse, and when John’s son Paul joined the business in the 1990s, it expanded, earning headline contracts with the likes of Darlington-based heavy-duty engine maker Cummins.

After joining, Richard and business partner Graeme Parkins completed a management buy-out in 2013, and secured a first tranche of Maven funding in 2019 to accelerate growth plans.

That blueprint was stymied by the pandemic, but the backing, says Richard, nevertheless provided foundations from which to expand.

He says: “COVID-19 fundamentally derailed a lot of businesses plans.

“But it allowed us to invest heavily in people and new equipment, and gave us the resilience to come through that period.

“Our journey would have been impossible without that money.”

One of those new people was Dyer’s managing director Adam Leggett, who joined from British Engines.

He made an immediate impact, implementing updated working practices and purchasing £1 million-plus milling machines, on which he started his own career.

Today, every component and piece of metal on the vast factory floor is accounted for.

Every spark and drop of water has a purpose.

And there is a real sense of pride emanating from a workforce of mixed age, with plenty of young faces, thanks to award-winning partnerships with local colleges.

Nine out of ten of Dyer’s 192 employees live within ten miles of the huge workshop on Harelaw Industrial Estate, once an abandoned trailer-making unit.

The plan is for New College Durham, partnering with Consett and Stanley academies, to supply at least ten per cent of the workforce through its apprenticeship scheme.

Maven’s investment also included introductions and support to help Dyer bring on board chair Owen McFarlane and later attract leading North East corporate financier Paul Mankin to the role of non-executive director.

Richard says: “Paul’s expertise and calm, analytical mind are so valuable.

“He understands the map we’re looking at and the pitfalls too.”

Paul, whose CV includes senior roles at PwC and UNW, says: “If you can work for the likes of Cummins, you know what you’re doing.

“This is a really good and innovative business.

“Metal fabrication is a highly-valued traditional trade, within which Dyer is at the higher end, thanks to the systems, IT and equipment it employs.

“It has exposure to interesting sectors, good heritage and qualifications in defence, where you can see some real organic growth opportunities.

“It is well positioned in a number of markets, and if we continue to find the right acquisitions, we can add value by bringing in the SST philosophy.

“There is significant potential.”

Adam adds: “Smarter, Stronger, Together is about constant improvement.

“We put meaning behind each of the principles, but it’s about being more innovative, about protecting the business financially, keeping that strong financial engine and working together with our people.

“It can be a very cyclical industry, so the group strategy evolved to create a complementary suite of engineering businesses where we could choose the sectors and the type of cycles that we’re in and balance them out, so the group is better protected for growth.

“We all bought into the principle that we could grow a group of companies much more successfully and much better for our people, while protecting the legacy of Dyer and now Q-Laser.

“We want those guiding principles to flow down and be part of any companies that join the group.”

 

Maven Capital Partners

For more information about Maven and its portfolio of business support, visit www.mavencp.com

LinkedIn: Maven Capital Partners

The £660 million Northern Powerhouse Investment Fund II covers the North of England and provides loans from £25,000 to £2 million, as well as equity investment up to £5 million, to help a range of small and medium-sized businesses start up, scale and stay ahead.

The Finance Durham Fund is part of Business Durham’s strategy to deliver economic growth across County Durham. It provides flexible equity, debt or mezzanine funding packages from £150,000 to £2 million for early-stage and established businesses, investing across all sectors.