MVF to reinvest capital in other Maine companies; Nyle poised for continued growth
BREWER — The Maine Venture Fund, a state-sponsored venture capital fund, and Nyle Systems LLC, a company that develops heat pump-driven products for industrial processes, are pleased to announce that Nyle has repurchased MVF’s ownership 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 the electrification of industrial and commercial processes, allowing their customers to transition to renewable sustainable energy systems. MVF invested in Nyle in 2010, shortly after entrepreneur Ton Mathissen purchased the company from longtime owners Don Lewis and his partner. Following the purchase, Ton and his team, with support from Maine Venture Fund restarted the company and put it on a long term growth path. Since then, Nyle has grown to 58 employees from 12; the factory has grown to 55,000 square feet from 15,000; and the company has expanded its business lines into food drying, water heating and cannabis drying, in addition to its long-standing lumber drying business.
“MVF has been a terrific value-added partner in our journey,” said Mathissen. “MVF invested in multiple rounds as the company needed resources to continue its growth, and meaningfully participated in governance and strategy discussions throughout. Now that Nyle is in a very strong growth and operating position, we’re pleased 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, MVF managing director. “The capital from our investment in Nyle is now capital that MVF will deploy in other promising Maine companies.”
Nyle’s future is focused on helping its customers with leading drying and water heating technologies, helping them become more efficient and reduce emissions along the way. Nyle expects 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 heat pump-driven, energy-saving products. Nyle firmly 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 requires the electrification of many processes, and that is where Nyle focuses. 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 over $20 million in Maine companies since 1997, after its creation by an act of the Maine Legislature in 1995 as a revolving “evergreen” fund. For more information, visit maineventurefund.com.