Venture capital fund BGF has invested £10 million in a Lisburn window blind company.
Mzuri Group, formerly known as Decora, said it will use the funding to make “further targeted acquisitions” as it continues to grow its European sales.
The investment in the Lisburn company brings to £20 million the total funding by BGF since April 2020.
During that time, Mzuri has grown its annual revenues to £195 million from £70 million through a combination of both organic growth and the acquisition of 10 other companies.
Currently selling to customers in the UK, Europe and Australia, it manufacturers and distributes window covering, employing some 1,500 people at its Lisburn headquarters and at other bases across the UK.
“Mzuri has significantly expanded its business since BGF first invested in the company and we view this latest round of funding as a tremendous endorsement of our plans for further growth in the years ahead,” Stuart Dickson, Managing Director of Mzuri Group, said. “As well as its substantial capital support, access to BGF’s network and its expert advice has been invaluable as we have assessed acquisition opportunities and moved into new markets.”
BGF invests across the UK and Ireland and said the latest funding brings to £60 million its total commitment to Northern Ireland.
Graham Clarke, Investor at BGF and Board Member of Mzuri, lauded the Mzuri management.
“The team has done a brilliant job building what is now a business of significant scale and one of the leading players in the window coverings market across the UK and Europe,” he said. “It is fantastic to announce this significant follow-on investment in Mzuri Group, which will support the continued growth of the company as it builds on its current platform and extends its European presence even further.”
