BGF invested £10m into Chemoxy, a chemicals manufacturer based in Teesside in February 2015. Our funding supported the company's growth, which included acquisition of new customers, expansion of technical capabilities and further development of its proprietary product range, most notably ChemoxyCare, an emollient in personal care creams.
During BGF’s investment, Chemoxy saw its turnover grow from £34m to £50m and increased its equity value by 44%.
The business was acquired in June 2017 by a trade buyer, Novacap SAS, resulting in strong returns for all shareholders.
We had lots of approaches from private equity and other financial institutions wanting to invest in the business and the reason we chose BGF is that the team was happy to take a minority share.
We have found BGF to be an excellent partner. BGF is responsive, not over bureaucratic and its reporting requirements are reasonable. Our success has been built around agility, speed to market, and building a broad and diversified portfolio so that we have not had overexposure to any one sector. BGF has been very helpful in providing advice in that area. It has helped to accelerate our growth and provide more financial confidence in the business.Ian Stark, CEO
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