BGF reports strong H1 in the North of England

Across the North of England, BGF has reported strong momentum, investing £120 million into small and mid-sized businesses in the last 12 months alone.

It’s been an exceptional six months for BGF’s Yorkshire, North East and North West teams, backing some of the fastest-growing businesses in the region in H1.

The North West team has invested in numerous businesses in 2024 already, including sports marketing business Eleven Sports Media, and Elite Dynamics, a leading software provider to the holiday park and marina industry.

BGF also completed a successful exit from Unique X, a Manchester-based digital cinema software business, after it secured new investment of up to $80 million from Kartesia, a European provider of capital solutions for SME companies. BGF originally backed Unique X in 2018, supporting the business through a period of significant growth, with EBITDA nearly trebling from the point of BGF’s investment to exit.

In Yorkshire and the North East, meanwhile, 2024 has seen BGF invest more than £40 million in growing companies, such as: Leeds-based human risk management business Boxphish; leading flat roof design and insulation specialist TaperedPlus; and Hull-based software business Tevalis, which provides EPOS solutions to the leisure and hospitality industry.

The team also successfully exited Teesside-headquartered Datum360 in June 2024, delivering a 5.9x money multiple (MM) return and an IRR of more than 60% for BGF. Datum360 was acquired by US-listed Autodesk, Inc. (NASDAQ: ADSK), a global leader in design and make software for the architecture, engineering, construction, operations, manufacturing, and media and entertainment industries.

Barry Jackson, Head of BGF in the North, commented: “Over the last six months, the team has continued to demonstrate the strength of BGF’s investment model, backing businesses to achieve their growth ambitions while delivering strong returns. Our flexible, minority approach appeals to entrepreneurs looking for a partner to support their scale-up journey, which is evidenced by the quality of deals we’ve completed so far this year.”

BGF’s northern portfolio was also extremely active in the first half of 2024. Preston-based IT services provider Celerity acquired Chilli IT, to strengthen its technical expertise and unlock new growth opportunities. In Yorkshire, meanwhile, Arc Inspirations – the bar group behind Banyan, BOX and Manahatta – secured additional funding to accelerate its job-creating expansion across the UK.

Outdoor furniture manufacturer Akula Living achieved record growth in H1, expanding internationally and ranking 85th in The Sunday Times Hundred fastest-growing companies in Britain. Primary Care Physio was also named in the top 20 of the UK’s Best Workplaces™ 2024.

And back in January, Chester-headquartered Travcorp (the parent company of online tour operators Destination2 and HolidayGems) achieved its busiest day in history; this was off the back of a record-breaking 2023 for the business, which saw turnover of £135 million, alongside its highest EBITDA since forming in 2016.

In addition, BGF has continued to invest in its teams in the North in H1. Over the last six months, BGF has hired new investors Christian Pollard (Yorkshire) and Elle Swire (North West). The BGF Value Creation team has also been strengthened, with the appointment of Johnathan Massey as Talent Network manager in its Manchester office. Alongside these recruitments, existing BGF investor Linda Nguyenova has moved into a full-time origination role.