Growth investor BGF is continuing to see a high level of deal activity after reporting a strong year in its Scotland and Ireland offices.

The firm invested close to £50 million in 2024 and announced three exits at Kick ICT, Keenan Recycling and AFG Media – best known for Morphsuits.

New Scottish investments included Sulmara, a provider of survey and inspection services to the offshore wind and energy markets; Glasgow-headquartered renewables business Glacier Energy; and EV charging specialist Trojan Energy.

BGF also completed a minority investment enabling the acquisition of Dundee-based JTC Furniture by Woodland Kitchens Group.

There were follow-on investments in portfolio firms such as Forres-headquartered rocket company Orbex, and Edinburgh-based Hyble, a provider of marketing technology to the global drinks and hospitality sector, to support its growth into the US. 

It assisted in the appointment of senior figures and non-executive talent, acquisitions, and providing direct working capital and strengthening balance sheets.

Paddy Graham, regional partner at BGF, said: “We’ve continued to back a variety of businesses across several sectors in 2024, all of which are driven by exceptional management teams.

“Positive exits have continued alongside new deal activity which is testament to the strength and quality of our portfolio.

“Due to the ongoing high level of deal activity, and BGF’s continued focus on growing its presence across Scotland, we have invested further in the Scottish team with the addition of two new team members.

“This provides us with a strong platform to continue to deliver on our goal of supporting Scottish business to fulfil their growth potential.”

The two additions to the team were Gregor Steedman as investor and Michael Berger to the portfolio team.

The firm reached a milestone of £4 billion invested since its inception in 2011. During this period, £400m has been invested in Scotland’s business landscape to foster the growth of ambitious SMEs, reaching from Edinburgh to Inverness.

BGF also joined forces with other major investors and committed £25m to the Invest in Women Taskforce, which has secured £250m of funding to support female entrepreneurs and female-led businesses across the UK.