Business Growth Fund Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Business Growth Fund has acquired 3 companies. It has also invested in 92 others.

Business Growth Fund’s most common sectors for investment areinformation technology (11%) and business services (10%) . The Firm’s most common investment types include growth capital (83%) and venture (6%). In total, Business Growth Fund has invested in 3 US states and 6 different countries.

In the last 3 years, Business Growth Fund has exited 52 companies. The Firm’s most common exit type is trade sale (58%). Business Growth Fund’s largest (disclosed) exit occurred in 2022 when it sold LoopMe for $120M.

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M&A Summary

  • M&A Total Activity309
    • M&A Buy Activity236
    • M&A Sell Activity73
  • Total Sectors Invested 44
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 59
  • M&A Advisors 28

Business Growth Fund Ltd. (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 Technology, Infrastructure, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Oil/Gas Exploration, Real Estate, Renewable Energy, Retail, Software, Technology Hardware

Target Transaction Types: Growth Capital, Venture

Geographic Preferences: United Kingdom

Transaction Criteria Min Max
Target Revenue 3 150
Target EBITDA - -
Investment Size 1 15
Enterprise Value - -
values in millions of GBP

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (24.6/yr) # 113 29 21 23 28 22 236
Sell (12.2/yr) # 12 9 9 9 22 12 73
vol $174M $120M $294M
  309

Most Recent M&A

Company Date Value Type
ITD Global 2022-08-30 - Growth Capital
Heywood, United Kingdom · www.itdglobal.com
Optima Partners Ltd. 2022-08-04 - Growth Capital
Edinburgh, United Kingdom · www.optimapartners.co.uk
Campion Homes Ltd. 2022-07-12 - Unknown
Dunfermline, United Kingdom · www.campionhomes.com
Aubin Group 2022-06-28 - Add-on Acquisition
Aberdeenshire, United Kingdom · www.aubingroup.com
Cornwall Insight Group Ltd. 2022-06-27 - Secondary Buyout
Norwich, United Kingdom · www.cornwall-insight.com
Dublin Meat Co. 2022-06-03 - Growth Capital
Dublin, Ireland · www.dublinmeatcompany.com
Galway Natural Health Sales Co. Ltd. 2022-06-03 - Growth Capital
Galway, Ireland · www.row.reviveactive.com
Elasmogen Ltd. 2022-05-18 - Growth Capital
Aberdeen, United Kingdom · www.elasmogen.com
MIME Technologies Ltd. 2022-05-12 - Growth Capital
Inverness, United Kingdom · www.aiber.co.uk
Harnham Search and Selection Ltd. 2022-05-04 - Growth Capital
London, United Kingdom · www.harnham.com
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
Extentia Group 2019-06-06 Styles & Wood Plc 2019-06-06 1
Manchester, United Kingdom · www.extentiagroup.co.uk Altrincham, 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 (12%) - 25 (11%) -
Business Services 12 (7%) - 22 (9%) -
Software 9 (6%) - 15 (6%) -
Automotive 10 (6%) - 11 (5%) -
Internet Software and Services 6 (4%) - 11 (5%) -
Retail 7 (4%) - 10 (4%) -
Marketing 4 (2%) - 9 (4%) -
Consumer Products 6 (4%) - 8 (3%) -
Life Science 7 (4%) - 8 (3%) -
Restaurants 5 (3%) - 8 (3%) -
Aerospace 5 (3%) - 7 (3%) -
Environmental 6 (4%) - 7 (3%) -
Communications 5 (3%) - 6 (3%) -
Healthcare Services 3 (2%) - 6 (3%) -
Consumer Services 3 (2%) - 5 (2%) -
Food 4 (2%) - 5 (2%) -
Real Estate 4 (2%) - 5 (2%) -
Technology Hardware 3 (2%) - 5 (2%) -
Apparel/Textiles 4 (2%) - 4 (2%) -
Energy Services and Equipment 2 (1%) - 4 (2%) -
Medical Products 3 (2%) - 4 (2%) -
Safety/Security 3 (2%) - 4 (2%) -
Transportation 3 (2%) - 4 (2%) -
Beverages 3 (2%) - 3 (1%) -
Building Materials 2 (1%) - 3 (1%) -
Construction 1 (1%) - 3 (1%) -
E-Commerce 1 (1%) - 3 (1%) -
Education 2 (1%) - 3 (1%) -
Engineering 2 (1%) - 3 (1%) -
Leisure 1 (1%) - 3 (1%) -
Staffing 3 (2%) - 3 (1%) -
Chemicals - - 2 (1%) -
Electrical Equipment 2 (1%) - 2 (1%) -
Machinery 2 (1%) - 2 (1%) -
Manufacturing 2 (1%) - 2 (1%) -
Media 1 (1%) - 2 (1%) -
Oil/Gas Exploration 2 (1%) - 2 (1%) -
Publishing 1 (1%) - 2 (1%) -
Digital Media 1 (1%) - 1 (< 1%) -
Distribution - - 1 (< 1%) -
Furniture 1 (1%) - 1 (< 1%) -
Packaging 1 (1%) - 1 (< 1%) -
Plastics - - 1 (< 1%) -
Semiconductors 1 (1%) - 1 (< 1%) -
Total 162 - 237 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 155 (96%) - 227 (96%) -
Ireland 3 (2%) - 4 (2%) -
United States 2 (1%) - 3 (1%) -
  Wisconsin 1 (1%) - 1 (< 1%) -
  North Carolina 1 (1%) - 1 (< 1%) -
  Illinois - - 1 (< 1%) -
Canada 1 (1%) - 1 (< 1%) -
  British Columbia 1 (1%) - 1 (< 1%) -
Estonia 1 (1%) - 1 (< 1%) -
Sweden - - 1 (< 1%) -
Total 162 - 237 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 133 (82%) - 196 (83%) -
Venture 12 (7%) - 14 (6%) -
Acquisition Financing 4 (2%) - 8 (3%) -
Buyout (LBO, MBO, MBI) 2 (1%) - 6 (3%) -
Stake Purchase 5 (3%) - 5 (2%) -
Secondary Buyout 3 (2%) - 4 (2%) -
Consolidation 1 (1%) - 1 (< 1%) -
Divestiture 1 (1%) - 1 (< 1%) -
PIPE - - 1 (< 1%) -
Recapitalization 1 (1%) - 1 (< 1%) -
Total 162 - 237 -

Exits by Deal Type

Type Total # Value
Trade Sale 33 (45%) -
Secondary Sale 21 (29%) 120M (41%)
Trade Sale - Public Company 11 (15%) 174M (59%)
Unknown 3 (4%) -
Bankruptcy 2 (3%) -
Merger 2 (3%) -
IPO 1 (1%) -
Total 73 $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
Ward Hadaway LLP
 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%
4 (2%)
Strategic(s)
< 1%
1 (< 1%)
Exited to
Investor(s)
27%
20 (27%)
Strategic(s)
60%
44 (60%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Large

PE Assets

2.5B GBP

Established

2011

Specialist/Generalist

Generalist

Leadership

Stephen Welton

Executive Chairman

John Swarbrick

Head of Portfolio

Andy Gregory

CIO

Matthew Reed

COO

Tim Rea

Head of Early stage & Cambridge

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