Growth capital investor BGF said today it has invested over €20m in small and mid-sized businesses in Ireland in 2023, taking the total value of investments here since its launch in November 2017 to nearly €115m.
BGF only takes minority equity positions in businesses with investments typically providing finance to drive growth plans within investee companies.
BGF in Ireland is supported by the Ireland Strategic Investment Fund (ISIF) as well as AIB and Bank of Ireland.
It has invested in a total of 15 businesses in Ireland since it began operations here in 2017 and also secured two attractive exits - Brindley Healthcare and Team Accessories.
New Irish deals in 2023 included a €7m investment in cosmetic surgery business The Avoca Clinic, and a multi-million-euro investment in Ocean Crest Marine which specialises in providing "jack-up barges" for marine construction projects such as windfarms.
Over the last 12 months, BGF has also provided follow-on investment to four companies in its Irish portfolio to support a range of growth plans, including funding acquisitions, new product development, international roll-out strategies and succession planning, as well as directly providing working capital and strengthening balance sheets.
Across the UK and Ireland, BGF backed 44 new businesses and invested a total of £430m during 2023.
Leo Casey, Head of BGF in Ireland, said the company expects to invest over €25m in Irish businesses during 2024.
"I'm pleased with the performance of BGF Ireland last year, particularly given the wider economic backdrop. We have a strong pipeline and expect that a number of transactions will conclude over the coming year," Leo Casey said.
"There is no shortage of interest on the part of growing Irish businesses to source investment to fuel further growth as well as creating a partial realisation for shareholders, and BGF's minority approach continues to resonate well," he stated.
Leo Casey said that the company was looking at opportunities in a range of sectors.
"We have a very diverse range of companies in our Irish portfolio which reflects the fact that if there is a compelling investment thesis, it is not critical to us which sector the company is working in. In 2024, we look forward to helping even more ambitious, high-growth Irish businesses to realise their growth potential," he added.
