DevCo Partners (DevCo) has successfully closed a EUR 521M single-asset continuation vehicle to support the next chapter of growth for Vexve, a European leader in mission-critical valve solutions for energy infrastructure. The transaction provides DevCo with significant additional capital for the continued support of the long-term growth of Vexve.
The vehicle managed by DevCo, which ensures long-term capital support for Vexve, was led by global private markets specialist Pantheon, with strong backing from a number of North American and European institutions and family offices. Existing Vexve investors, including among others the Herlin and Ehrnrooth families as well as Ilmarinen and Tesi, contributed approximately half of the total commitments in the vehicle.
Vexve was acquired by DevCo in 2016 and has since undergone significant acceleration in performance. Through strong organic growth and four completed add-on acquisitions, Vexve’s sales have grown fivefold since DevCo’s entry. With the backing of the new continuation vehicle, Vexve is in a great position to advance its growth strategy and capitalise on the multi-decade decarbonisation and energy transition tailwinds.