MVF to reinvest the capital in other companies in Maine; Nyle ready for continued growth
BREWER – The Maine Venture Fund, a state-sponsored venture capital fund, and Nyle Systems LLC, a company that develops heat pump-powered products for industrial processes, are pleased to announce that Nyle has acquired the MVF’s stake in Nyle. MVF will use the resulting capital to invest in other dynamic Maine companies.
Nyle’s mission is to enable energy efficiency and electrification of industrial and commercial processes, enabling their customers to switch to renewable and sustainable energy systems. MVF invested in Nyle in 2010, shortly after entrepreneur Ton Mathissen bought the business from longtime owners Don Lewis and his partner. Following the purchase, Ton and his team, with support from the Maine Venture Fund, restarted the business and put it on a long-term growth path. Since then, Nyle has grown from 12 to 58 employees; the plant has grown from 15,000 to 55,000 square feet; and the company has expanded its business to drying food, heating water and drying cannabis, in addition to its long-standing wood drying business.
“MVF has been a tremendous value-added partner in our journey,” said Mathissen. “MVF invested in multiple cycles as the business needed resources to continue growing and was a meaningful participant in governance and strategy discussions throughout. Now that Nyle is in a very strong growth and operating position, we are happy to be able to return the capital and provide a return to the fund. “
“MVF is proud to have been a long-time shareholder of Nyle and to have worked with such a strong CEO and management team,” said John Burns, Managing Director of MVF. “The capital of our investment in Nyle is now capital that MVF will deploy in other promising companies in Maine.”
The future of Nyle is to help its customers with cutting edge technologies in drying and heating water, helping them become more efficient and reduce emissions along the way. Nyle hopes to remain independent and continue on its robust growth path for the foreseeable future, becoming a significant manufacturing company in central Maine and providing many quality jobs for years to come.
Nyle Systems is a growing, innovative company that develops, manufactures and sells energy saving products powered by heat pumps. Nyle strongly believes in the need to build a more sustainable future, and that includes the urgent need to reduce emissions. To switch from fossil fuels to electricity based on renewables, the world needs electrification of many processes, and this is where Nyle is focusing. For more information, visit https://www.nyle.com/.
The Maine Venture Fund invests in dynamic businesses that have the potential for significant growth and impact in Maine. The Fund has invested more than $ 20 million in Maine businesses since 1997, after it was created by law of the Maine Legislature in 1995 as an “evergreen” revolving fund. For more information, visit maineventurefund.com.
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