Managers at costume maker AFG Media, parent of MorphCostumes, have bought out stakeholder BGF.

The company, which produces 1,200 designs of Morphsuits, has 68 staff generating a turnover of £42 million.

The majority of its sales come via Amazon across 12 countries, with additional US sales driven directly through retailers Target and Walmart.

In the run up to Halloween this year, AFG media sold products in Mexico for the first time, following the addition of Canada as a distribution market in 2023.

BGF originally invested £4.2m in a minority stake in AFG Media in 2012 and has worked with the company to build its international reach and range of costumes. This long-term partnership has also supported the company’s merger with Digital Dudz in 2013, as well as significant acquisitions, including Fun Shack in 2019. 

The exit, which was achieved through a company and management buy-back, delivered strong returns on BGF’s original investment reflecting the growth the business has achieved over the years.

Patrick Graham, head of Scotland and Northern Ireland at BGF, said: “It’s hugely gratifying to hand our minority stake back to the owners and wider AFG Media team after twelve years of close partnership.

“The business today is almost unrecognisable to the one we invested in.

“I look forward to following the company’s future successes and seeing their unique products popping up in ever more far-flung locations.”

Fraser Smeaton, co-founder of AFG Media, said: “BGF invested at a vital time for our business, and we are hugely grateful for its patience in some of the tougher times, particularly through the Covid-19 pandemic, as well as the breadth of the support they provided over the last twelve years.

“We are now focused on scaling the business further, entering new markets and developing incredible new costumes.”