Business Growth Fund Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Business Growth Fund has acquired 2 companies. It has also invested in 74 others.

Business Growth Fund’s most common sectors for investment are business services (12%) and information technology (9%). The Firm’s most common investment types include growth capital (83%) and venture (5%). 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 33 companies. The Firm’s most common exit type is trade sale (56%). Business Growth Fund’s largest (disclosed) exit occurred in 2015 when it sold Unruly Group for $89M.

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M&A Summary

  • M&A Total Activity232
    • M&A Buy Activity187
    • M&A Sell Activity45
  • Total Sectors Invested 42
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 42
  • M&A Advisors 25

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (18.8/yr) # 93 18 23 21 22 10 187
Sell (7.6/yr) # 7 5 8 9 9 7 45
vol $89M $85M $174M
  232

Most Recent M&A

Company Date Value Type
ReBOUND Returns 2021-05-10 - Add-on Acquisition
Telford, United Kingdom · www.reboundreturns.com
We are Pioneer Group 2021-04-26 - Secondary Buyout
London, United Kingdom · www.wearepioneergroup.com
Polar Technology Management Group Ltd. 2021-04-16 - Growth Capital
Eynsham, United Kingdom · www.polartechnology.co.uk
Bloom Procurement Services Ltd. 2021-04-15 - Growth Capital
Gateshead, United Kingdom · www.bloom.services
Brisant-Secure 2021-03-09 - Growth Capital
Dewsbury, United Kingdom · www.brisant-secure.com
fulfilmentcrowd Ltd. 2021-03-04 - Growth Capital
Lancashire, United Kingdom · www.fulfilmentcrowd.com
Northern Building Plastics Ltd. 2021-03-04 - Growth Capital
Leeds, United Kingdom · www.nbp.co.uk
Setfords Solicitors 2021-03-03 - Secondary Buyout
Surrey, United Kingdom · www.setfords.co.uk
Burrington Estates 2021-03-03 - Growth Capital
Devon, United Kingdom · www.burringtonestates.com
CHS Healthcare Ltd. 2021-03-01 - Add-on Acquisition
West Midlands, United Kingdom · www.chshealthcare.co.uk
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
Business Services 14 (10%) - 21 (11%) -
Information Technology 12 (9%) - 15 (8%) -
Software 10 (7%) - 14 (7%) -
Internet Software and Services 7 (5%) - 10 (5%) -
Automotive 9 (6%) - 9 (5%) -
Retail 6 (4%) - 9 (5%) -
Aerospace 6 (4%) - 7 (4%) -
Environmental 7 (5%) - 7 (4%) -
Restaurants 4 (3%) - 7 (4%) -
Communications 5 (4%) - 6 (3%) -
Consumer Products 4 (3%) - 6 (3%) -
Marketing 3 (2%) - 6 (3%) -
Healthcare Services 2 (1%) - 5 (3%) -
Consumer Services 3 (2%) - 4 (2%) -
Energy Services and Equipment 3 (2%) - 4 (2%) -
Food 4 (3%) - 4 (2%) -
Real Estate 3 (2%) - 4 (2%) -
Technology Hardware 2 (1%) - 4 (2%) -
Beverages 3 (2%) - 3 (2%) -
Construction 2 (1%) - 3 (2%) -
Engineering 3 (2%) - 3 (2%) -
Leisure 3 (2%) - 3 (2%) -
Life Science 2 (1%) - 3 (2%) -
Medical Products 2 (1%) - 3 (2%) -
Apparel/Textiles 2 (1%) - 2 (1%) -
Building Materials 1 (1%) - 2 (1%) -
E-Commerce 1 (1%) - 2 (1%) -
Education 2 (1%) - 2 (1%) -
Electrical Equipment 2 (1%) - 2 (1%) -
Machinery 2 (1%) - 2 (1%) -
Publishing 1 (1%) - 2 (1%) -
Staffing 2 (1%) - 2 (1%) -
Transportation 1 (1%) - 2 (1%) -
Chemicals - - 1 (1%) -
Digital Media 1 (1%) - 1 (1%) -
Distribution - - 1 (1%) -
Furniture 1 (1%) - 1 (1%) -
Manufacturing 1 (1%) - 1 (1%) -
Oil/Gas Exploration 1 (1%) - 1 (1%) -
Packaging 1 (1%) - 1 (1%) -
Plastics - - 1 (1%) -
Safety/Security 1 (1%) - 1 (1%) -
Total 139 - 187 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 133 (96%) - 179 (96%) -
United States 2 (1%) - 3 (2%) -
  Wisconsin 1 (1%) - 1 (1%) -
  North Carolina 1 (1%) - 1 (1%) -
  Illinois - - 1 (1%) -
Ireland 2 (1%) - 2 (1%) -
Canada 1 (1%) - 1 (1%) -
  British Columbia 1 (1%) - 1 (1%) -
Estonia 1 (1%) - 1 (1%) -
Sweden - - 1 (1%) -
Total 139 - 187 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 115 (83%) - 154 (82%) -
Venture 8 (6%) - 9 (5%) -
Acquisition Financing 5 (4%) - 8 (4%) -
Buyout (LBO, MBO, MBI) 2 (1%) - 6 (3%) -
Stake Purchase 4 (3%) - 4 (2%) -
Secondary Buyout 2 (1%) - 2 (1%) -
Consolidation 1 (1%) - 1 (1%) -
Divestiture 1 (1%) - 1 (1%) -
PIPE - - 1 (1%) -
Recapitalization 1 (1%) - 1 (1%) -
Total 139 - 187 -

Exits by Deal Type

Type Total # Value
Trade Sale 19 (42%) -
Secondary Sale 13 (29%) -
Trade Sale - Public Company 8 (18%) 174M (100%)
Bankruptcy 2 (4%) -
Merger 2 (4%) -
Unknown 1 (2%) -
Total 45 $174M

Top M&A Advisors

Financial Deals
KPMG Corporate Finance LLC
 5
WY Partners Ltd.
 1
Deloitte
 1
Legal Deals
Shoosmiths LLP
 2
Foot Anstey LLP
 2
DWF LLP
 2

Deal Values

sell # Total
< $100M 2 $174M
TOTAL $174M
Largest Unruly Group Ltd.
$89M (2015-09-16)

M&A Connections

Deals
Acquired from
Investor(s)
2%
3 (2%)
Strategic(s)
1%
1 (1%)
Exited to
Investor(s)
27%
12 (27%)
Strategic(s)
60%
27 (60%)

Investor Summary

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

Neil Johnson

Deputy Chairman & Senior Independent Director

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