BGF Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, BGF has acquired 1 company. It has also invested in 33 others.

BGF’s most common sectors for investment areinformation technology (8%) and business services (8%) . The Firm’s most common investment types include growth capital (79%) and venture (12%). In total, BGF has invested in 3 US states and 7 different countries.

In the last 3 years, BGF has exited 21 companies. The Firm’s most common exit type is trade sale (57%). BGF’s largest (disclosed) exit occurred in 2022 when it sold LoopMe for $120M.

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M&A Summary

  • M&A Total Activity405
    • M&A Buy Activity319
    • M&A Sell Activity86
  • Total Sectors Invested 48
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 70
  • M&A Advisors 30

BGF

13-15 York Buildings,
London, WC2N 6JU
United Kingdom
+020 7340 0600
www.bgf.co.uk
john.swarbrick@bgf.co.uk

Business Growth Fund (BGF) is a private investment firm focused on early and growth-stage investing across the UK. The Firm also invests in publicly traded companies. BGF's growth team looks to invest £1 to £15 million in small to mid-sized companies looking for additional capital to pursue growth. BGF was established in 2011 and is headquartered in London.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Construction, Consumer Products, Consumer Services, Digital Media, E-Commerce, Education, Electronics, Energy Services and Equipment, Engineering, Environmental, Food, Healthcare Services, Information Services, Information Technology, Infrastructure, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Oil/Gas Exploration, Publishing, Real Estate, Renewable Energy, Restaurants, Retail, Safety/Security, Software, Staffing, Technology Hardware, Transportation, Utilities

Target Transaction Types: Growth Capital, Venture

Geographic Preferences: United Kingdom

Transaction Criteria Min Max
Target Revenue 1 100
Target EBITDA - -
Investment Size 1 15
Enterprise Value - -
values in millions of GBP

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (14.6/yr) # 246 40 32 1 - - 319
Sell (8.8/yr) # 42 23 20 1 - - 86
vol $174M $120M $294M
  405

Most Recent M&A

Company Date Value Type
Amdaris Group Ltd. 2023-08-17 - Add-on Acquisition
Bristol, United Kingdom · www.amdaris.com
Tribepad Ltd. 2023-01-02 - Growth Capital
Sheffield, United Kingdom · www.tribepad.com
Wales Environmental Ltd. 2022-12-21 - Add-on Acquisition
Cardiff, United Kingdom · www.walesenviro.com
Lumenisity Ltd. 2022-12-15 - Add-on Acquisition
Romsey, United Kingdom · www.lumenisity.com
Furniture Village Ltd. 2022-12-14 - Sold to Management
Slough, United Kingdom · www.furniturevillage.co.uk
Tepeo Ltd. 2022-12-14 - Venture
Wokingham, United Kingdom · www.tepeo.com
Makers Academy 2022-12-13 - Venture
London, United Kingdom · www.makers.tech
Clarke Facades 2022-12-06 - Growth Capital
Ballymena, Ireland · www.mclarke.co.uk
Chokdee Ltd. 2022-11-25 - Growth Capital
Guildford, United Kingdom · www.gigglingsquid.com
KOMI Group Ltd. 2022-11-02 - Growth Capital
Manchester, United Kingdom · www.komi.group
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Bigblu Broadband plc 2016-07-16 Quickline Communications Ltd. 2021-04-23 2
Oxfordshire, United Kingdom · www.bbb-plc.com Hessle, United Kingdom · www.quickline.co.uk
Bigblu Broadband plc 2016-07-16 Bigblu Broadband plc - Satellite Broadband Activities 2020-07-31 1
Oxfordshire, United Kingdom · www.bbb-plc.com Bicester, United Kingdom
ROVOP Ltd. 2015-04-01 M2 Subsea Ltd. - 28 ROVs 2018-10-19 1
Aberdeen, United Kingdom · www.rovop.com Westhill, United Kingdom

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 19 (8%) - 25 (8%) -
Business Services 13 (6%) - 24 (7%) -
Software 14 (6%) - 21 (7%) -
Internet Software and Services 12 (5%) - 20 (6%) -
Consumer Products 14 (6%) - 16 (5%) -
Retail 10 (4%) - 15 (5%) -
Life Science 11 (5%) - 13 (4%) -
Marketing 7 (3%) - 12 (4%) -
Automotive 8 (3%) - 10 (3%) -
Restaurants 6 (3%) - 10 (3%) -
Food 8 (3%) - 9 (3%) -
Healthcare Services 5 (2%) - 8 (2%) -
Medical Products 7 (3%) - 8 (2%) -
Aerospace 5 (2%) - 7 (2%) -
Building Materials 6 (3%) - 7 (2%) -
Environmental 5 (2%) - 7 (2%) -
Technology Hardware 5 (2%) - 7 (2%) -
Communications 3 (1%) - 6 (2%) -
Construction 4 (2%) - 6 (2%) -
Consumer Services 4 (2%) - 6 (2%) -
E-Commerce 3 (1%) - 5 (2%) -
Education 4 (2%) - 5 (2%) -
Media 4 (2%) - 5 (2%) -
Real Estate 4 (2%) - 5 (2%) -
Renewable Energy 5 (2%) - 5 (2%) -
Safety/Security 4 (2%) - 5 (2%) -
Transportation 4 (2%) - 5 (2%) -
Apparel/Textiles 4 (2%) - 4 (1%) -
Beverages 4 (2%) - 4 (1%) -
Energy Services and Equipment 2 (1%) - 4 (1%) -
Leisure 2 (1%) - 4 (1%) -
Chemicals 1 (< 1%) - 3 (1%) -
Electrical Equipment 3 (1%) - 3 (1%) -
Engineering 2 (1%) - 3 (1%) -
Furniture 2 (1%) - 3 (1%) -
Manufacturing 3 (1%) - 3 (1%) -
Oil/Gas Exploration 3 (1%) - 3 (1%) -
Staffing 3 (1%) - 3 (1%) -
Machinery 2 (1%) - 2 (1%) -
Publishing 1 (< 1%) - 2 (1%) -
Digital Media 1 (< 1%) - 1 (< 1%) -
Distribution - - 1 (< 1%) -
Forest Products 1 (< 1%) - 1 (< 1%) -
Information Services 1 (< 1%) - 1 (< 1%) -
Packaging 1 (< 1%) - 1 (< 1%) -
Plastics - - 1 (< 1%) -
Semiconductors 1 (< 1%) - 1 (< 1%) -
Utilities 1 (< 1%) - 1 (< 1%) -
Total 232 - 321 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 215 (93%) - 299 (93%) -
Ireland 12 (5%) - 14 (4%) -
United States 2 (1%) - 3 (1%) -
  Wisconsin 1 (< 1%) - 1 (< 1%) -
  North Carolina 1 (< 1%) - 1 (< 1%) -
  Illinois - - 1 (< 1%) -
Sweden 1 (< 1%) - 2 (1%) -
Canada 1 (< 1%) - 1 (< 1%) -
  British Columbia 1 (< 1%) - 1 (< 1%) -
Estonia 1 (< 1%) - 1 (< 1%) -
Germany - - 1 (< 1%) -
Total 232 - 321 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 179 (77%) - 252 (79%) -
Venture 33 (14%) - 36 (11%) -
Acquisition Financing 5 (2%) - 9 (3%) -
Stake Purchase 7 (3%) - 9 (3%) -
Buyout (LBO, MBO, MBI) 3 (1%) - 7 (2%) -
Secondary Buyout 4 (2%) - 5 (2%) -
Consolidation - - 1 (< 1%) -
Divestiture 1 (< 1%) - 1 (< 1%) -
PIPE - - 1 (< 1%) -
Total 232 - 321 -

Exits by Deal Type

Type Total # Value
Trade Sale 37 (43%) -
Secondary Sale 23 (27%) 120M (41%)
Trade Sale - Public Company 14 (16%) 174M (59%)
Bankruptcy 4 (5%) -
Unknown 3 (3%) -
Merger 2 (2%) -
IPO 1 (1%) -
Sold to Management 1 (1%) -
Stake Sale 1 (1%) -
Total 86 $294M

Top M&A Advisors

Financial Deals
KPMG Corporate Finance LLC
 5
Wilson Partners Corporate Finance
 2
Mazars Group - Investment Bank
 1
Legal Deals
Shoosmiths LLP
 4
CMS Legal Services EEIG
 3
Charles Russell Speechlys
 2

Deal Values

sell # Total
$100M to $1B 1 $120M
< $100M 2 $174M
TOTAL $294M
Largest LoopMe
$120M (2022-01-20)

M&A Connections

Deals
Acquired from
Investor(s)
2%
6 (2%)
Strategic(s)
< 1%
1 (< 1%)
Exited to
Investor(s)
26%
22 (26%)
Strategic(s)
59%
51 (59%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Large

PE Assets

2.5B GBP

Established

2011

Specialist/Generalist

Generalist

Leadership

Andy Gregory

CEO

Matthew Reed

COO

Tim Rea

Head of Early stage & Cambridge

Roshni Bandesha

Head of ESG

Ben Coleman

Head of Finance

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