BGF has launched a growth capital fund dedicated to Irish small and medium-sized companies.
Backed by ISIF, AIB and Bank of Ireland, the fund which will have up to €250m to invest is backed initially by the Ireland Strategic Investment Fund, AIB, Bank of Ireland and BGF’s existing shareholders.
Leo Casey, former director and board member with IBI Corporate Finance, will lead the team which comprises David Gammie, Joe Higgins and Maedhbh O’Driscoll, and which BGF will expand further in 2018.
It will be based on Merrion Square in Central Dublin.
Set up in 2011 and led by Stephen Welton, CEO, BGF provides initial investments of between €2 million and €10 million in return for a minority stake, with additional funding to investee companies as needed. The businesses it backs typically turn over between €5 million and €100 million a year and have a strong management team in place.
Over the past six years, BGF has invested in nearly 200 businesses in the UK, including technology companies, manufacturers, recycling firms, housebuilders, retail chains and more.
These businesses collectively generate revenue of over £3 billion and employ more than 28,000 people.