South West of England hailed as ‘hotbed of entrepreneurial activity’
The South West has been hailed as a “hotbed of entrepreneurial activity” by BGF, one of the largest and most experienced active growth capital investors in the UK and Ireland.
BGF’s Bristol-based regional chief, Ned Dorbin, predicted an exciting future for the area after reporting a strong first half of the year in the South West.
The BGF team has deployed more than £40 million across the region in the first six months of 2023. Growth capital investments have been made across a diverse range of sectors, including technology, healthcare, engineering and manufacturing.
Ned Dorbin, head of BGF in the South West, said: “We have had a great start to the year, which is further testament to the strength of the region’s business community which continues to be a hotbed of entrepreneurial activity.
“We are proud to be backing so many brilliant businesses which are focused on growth, particularly in today’s challenging market.”
New investees to the BGF portfolio include Exeter-headquartered Troy UK – the UK’s biggest independent network for industrial and engineering supplies – which recently received a £15.5 million investment to support its acquisitive growth strategy.
As part of the deal, Troy appointed Simon King, a former chief executive of DIY retailer Wickes, as its new non-executive chair, following an introduction from BGF’s Talent Network to position the business for further expansion.
The new chapter in Troy’s journey is already off to a good start with BGF’s investment enabling the business to ramp up its growth trajectory. It recently announced the acquisition of Northern Ireland-based hardware wholesaler E.A. Martin & Son Ltd which has now joined the Troy group of companies.
Bristol-based healthcare infrastructure firm, Archus has been boosted by a £9 million investment, while South West care home group BN Care has embarked upon a five-year growth journey following a total of £5 million invested in the business since January this year. The company has since acquired two new care homes in Dorset and Exeter, taking its portfolio to five premises, as the demand for high-quality care for the region’s elderly continues to soar.
Earlier this year, BGF exited its investment in Trunki, the children’s ride-on suitcase brand, a decade after its original investment. Trunki has been acquired by Heroes, an e-commerce company.
Ned Dorbin added: “BGF’s mission is more important than ever and the deals we have done this year demonstrate the strength and resilience of the region.
“As well as completing more than £40 million worth of investments so far this year, BGF continues to provide a range of value-add services, providing portfolio companies with invaluable insight, counsel, and expertise to deliver on their growth plans.
“We are all very excited about the second half of 2023 as we look to partner with even more businesses across the South West to help them fulfil their potential.”