BGF has reported that it invested close to £60m within the Scottish growth economy during 2021 – more than double the previous year’s figures.
The long-term patient investor makes initial investments between £1m to £15m for a minority equity stake.
Deals completed last year by BGF’s Scottish team took place across a range of sectors, from technology to healthcare to consumer goods, while also supporting companies from early-stage through to Initial Public Offering (IPO).
It completed 67 new deals and invested £600m over the course of 2021 – a record year for the fund.
BGF recently invested £8m in Edinburgh-headquartered luxury leather goods brand Strathberry to help scale the business in global markets; while Glasgow's Kick ICT received £8.7m to support the firm’s growth plans, including acquisitions as the business expands across the UK.
In the North East of Scotland, BGF also provided Aberdeen-based oil and gas services firm isol8 with £3.5m of growth capital to support its long-term growth plans, including doubling its staff headcount over the next 12 months.
Additional BGF investments in 2021 included: £5.2m in Odro, a Glasgow business that provides video interviewing and engagement software to the recruitment industry; £5m in Fife-headquartered natural pet food producer Bella & Duke; and being part of a $4m investment round in Edinburgh-based hybrid workspace platform Desana.
BGF also completed its second cornerstone investment in an IPO in 12 months, after investing £7m in The Artisanal Spirits Company, as part of its admission to trading on Alternative Investment Market last June.
The funds raised through the IPO, which achieved a valuation of around £78m, along with the company’s existing cash resources, has allowed the Edinburgh-headquartered company to develop its membership base, grow internationally and bring new brands to market.
Patrick Graham, BGF’s head of Scotland, said: “The positive momentum of the team across Scotland demonstrates the strength of our investment model, and the ability of BGF to deploy capital at scale to the brilliant businesses strengthening our economy - this has proved all the more important when faced with the ongoing challenges brought by the Covid-19 pandemic.
“We were set up to back ambitious teams operating across a wide range of sectors and a variety of growth plans,” he continued, adding: “The businesses we’ve invested in have demonstrated an unwavering commitment to growth and as their partner, we share in their confidence to support these goals.”
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