The South West office of growth finance group invested nearly £70m in small and mid-sized businesses in 2023, taking its total for the past three years to £190m.
The long-term investor, which makes initial investments of between £1m to £20m for a minority equity stake, said it backed businesses across a wide range of sectors including technology, healthcare, engineering and manufacturing last year.
BGF, the largest and most experienced investor in the UK and Ireland, has invested more than £600m in South West businesses since it opened in Bristol in 2011.
Key investments by its South West team last year included a £15.5m investment in Exeter-headquartered Troy UK – the UK’s biggest independent network for industrial and engineering supplies to support its acquisitive growth strategy – and Bristol-based healthcare infrastructure firm Archus, which received £9m, to support its international and domestic expansion plans.
Other investments include an additional £4m in South Wales-based Victorian Sliders, the UK’s only fully integrated, specialist manufacturer of uPVC sash windows, following an initial £14m in 2021.
It also invested £4.5m in Machine Discovery, an Oxford-based software company, £3.4m in Exeter care home group BN Care, and made a £3.5m follow-on investment in Operational Solutions Limited (OSL), a leading counter drone technologies business based in Reading.
The South West team’s exit activity last year included the sale of its stake in highly successful Bristol software development and digital services company Amdaris to Insight Enterprises – a deal it described as providing an excellent result for all shareholders.
BGF head of the South West and Wales Ned Dorbin, pictured, said: “We are fortunate to have such a range of innovative, growing companies across the region which have proven their resilience over the last year in the face of ongoing economic uncertainty.
“We are proud to have the opportunity to support these firms, providing strategic guidance and funding at a crucial stage of their journeys.”
He said the team was looking forward this year to continuing to support ambitious businesses that were primed for strong growth.
“We’re confident this coming year will bring success for the region’s scaling businesses,” he added.
BGF, which in December achieved B Corp status, backed 44 new businesses and invested £430m across the UK and Ireland last year.
