BGF reports strong momentum in first half of 2023

BGF backed 21 new companies in the first half of 2023. Total investment during this period reached £211 million, including £128 million into new companies, and £83 million into the existing portfolio.

New investments in 2023 have covered a diverse range of sectors, including technology, life sciences, e-commerce and business services.

Highlights include:

• BGF’s London and South East team led a £19 million investment into Brompton and a £6 million investment into natural pet food brand Scrumbles.
• In the North West, BGF completed a £9 million investment into Voicescape, a Manchester-based social housing software business, and £5.3 million into KCA Holdings, a fast-growing technology group based in Leigh, Greater Manchester.
• Strong momentum continued in Yorkshire with family-owned housebuilder Newett Homes, HR software business Tribepad and dispute resolution law firm IDR Law all joining the portfolio.
• In the North East, global technology consultancy hedgehog lab and website accessibility software business Recite Me both received BGF backing.
• The South West BGF team completed new investments into industrial and engineering supplies network Troy, healthcare infrastructure consultancy Archus, and care home group BN Care.
• At the same time, BGF’s Central and East growth team backed Socitm Advisory, a Northampton-headquartered management consultancy for the public sector, while BGF’s early-stage team invested in healthtech company TidalSense, semiconductor business Forefront RF and biotechnology company Maxion Therapeutics.

The first half of the year also saw a plethora of strong exits for BGF. These include RiverRidge, Northern Ireland’s largest fully integrated waste management company, which was jointly acquired by Cube Infrastructure Managers and Equitix Investment Management, as well as Scottish business The Paint Shed, which was acquired by independent decorators’ merchant Brewers.

Andy Gregory, CEO of BGF, said: “We’re proud to back so many businesses which see opportunity even in today’s challenging market. We believe our mission is more important than ever and the deals we’ve done so far this year demonstrate the resilience and ambition of entrepreneurs across all sectors and regions of the UK and Ireland.”

“BGF will continue to invest throughout the economic cycle and we remain focused on providing minority, long-term and patient capital to a diverse range of growth businesses, ensuring they have the funding and strategic support needed to reach their full potential.”