BGF’s South West team invested £70 million last year
BGF, one of the largest growth capital investors in the UK and Ireland, has delivered a strong run of investment activity in 2023, deploying almost £70 million in small and mid-sized businesses across the South West, Thames Valley and South Wales in 2023.
In 2023, BGF as a whole backed 44 new businesses and invested £430 million across the UK and Ireland.
BGF is a long-term investor, making initial investments between £1 million to £20 million for a minority equity stake. It backs ambitious teams across a range of sectors and funds a variety of growth plans. In 2023, BGF’s South West team provided equity funding to businesses across a wide range of sectors including technology, healthcare, engineering and manufacturing.
Key investments by the South West team over the last 12 months have included a £15.5 million investment in Exeter-based industrial supplies business Troy UK, to support its buy and build strategy; and £9 million in Bristol-based healthcare infrastructure business, Archus, to support its international and domestic expansion plans.
In Wales, BGF invested a further £4 million in manufacturing business, Victorian Sliders, following an initial funding of £14 million in 2021.
Additional investments include a £4.5 million investment in Machine Discovery, an Oxford-based software company; a £3.4 million investment in BN Care, a care home group based in Exeter; and a £3.5 million follow-on investment in Operational Solutions Limited (OSL), a leading counter drone technologies business based in Reading.
The South West team’s exit activity in 2023 included BGF’s successful sale of Bristol-based software development and digital services company, Amdaris, to Insight Enterprises Inc. This deal provided an excellent result for all shareholders.
Ned Dorbin, BGF’s head of the South West and Wales, said: “We are fortunate to have such a range of innovative, growing companies across the region which have proven their resilience over the last year in the face of ongoing economic uncertainty. We are proud to have the opportunity to support these firms, providing strategic guidance and funding at a crucial stage of their journeys.
“During 2024, we’re looking forward to continuing to support ambitious businesses that are primed for strong growth. We’re confident this coming year will bring success for the region’s scaling businesses.”
