BROADBAND SATELLITE SERVICES
BGF invested £6.3m in satellite and telecommunications investment company, Broadband Satellite Services Ltd (BSS). BSS is using the investment to accelerate its long-term growth strategy, further strengthening its position as a top tier distributor of satellite communications services to those requiring communications in remote environments where mainstream terrestrial networks are not available.
Through its wholly owned companies Satcom Global and AND Group, BSS supplies services to military, maritime, aeronautical and offshore customers as well as media and aid agencies across the world. It is a key global distribution partner for major Satellite Network Operators (SNOs) Inmarsat, Iridium and Thuraya. In addition, BSS provides value-added services for customers including installation and technical support as well as a suite of in-house developed solutions to enhance the application of satellite services in different sectors.
BSS was formed in 2012 through the acquisition of Satcom Group and AND Group, and is now one of the world’s largest mobile satellite communications providers. The Group will continue to identify high-growth acquisition and investment opportunities in the Mobile Satellite Services market to further strengthen BSS’s offering.
Headquartered in Newcastle, BSS has offices in Singapore, Bangkok, Tokyo, Phoenix, Brisbane, Perth, Athens and Moscow and employs more than 200 people globally.
STYLES & WOOD GROUP PLC
In June 2015, BGF invested £3.3m in Styles & Wood Group plc (LSE: STY), the Altrincham-based integrated property services and project delivery specialist, to support its long term growth strategy.
BGF invested alongside Henderson Volantis which also committed £3.3m to Styles & Wood for a minority stake in the business.
The co-investment brought two high quality institutional investors onto the Group’s share register and in doing so, helped the business to accelerate its growth objectives by strengthening the company’s balance sheet and providing a more appropriate capital structure. In addition, BGF’s investment allowed the Group to continue its diversification strategy and take advantage of growth opportunities available to it including, possibly, acquisitions of other businesses.
This was BGF’s second investment in a publicly listed company, having backed AIM-listed carpet and floorcovering manufacturer Victoria plc, which is based in Kidderminster, in September 2014.
Styles & Wood provides a range of property services to retail, banking, commercial and public sector clients. The Group’s services include design, building intelligence systems, renewable energy solutions and project delivery. Operating nationally from its head office in Altrincham, the business has regional offices in London, Nottingham and Lancaster and employs 285 people across the UK. Clients include Tesco, Waitrose and Barclays.
BGF is backing a strong management team led by Chief Executive Officer, Tony Lenehan, who was appointed CEO in January 2011. He joined from Bovis Lend Lease where he held executive responsibility for the company’s regional construction business. Previously he held the role of Managing Director for Carillion’s national building and integrated property solutions businesses. Matt Widdall will join the Styles & Wood Board as Non-Executive Director on behalf of BGF.
BGF BACKS BOLTON-BASED MEDICAL DEVICES COMPANY MEDICINA
BGF made its third healthcare sector investment in December 2013 when it invested £6m in medical devices company Medicina.
Medicina is the UK market leader in the enteral feeding device sector. Medicina designs and distributes syringes, tubes and pumps which administer nutrition to a patient, both in hospital and at home. The business, which is based in Bolton, was founded by CEO Ken Harrison in 1992. Clients include the NHS and a number of leading homecare companies.
This investment was led by BGF’s Manchester team.
The investment will allow Medicina to capitalise on growth opportunities in the UK and international markets, as well as support new product development and provide for future acquisitions. Galvin Mould joined Medicina as Non-Executive Chairman bringing with him wide-ranging senior level experience in the healthcare sector.
Medicina was the fifth investment made by BGF in the North during 2013 and took the total invested in the year to £35m. Other businesses backed included Better Bathrooms, one of the UK’s leading bathroom retailers; VTL Group, the manufacturer of precision engineered parts for the automotive industry; Xercise4Less, the low cost gym group and York Mailing, the UK market leader in the specialist production of retail flyers, media inserts and quality catalogues. Collectively they employ over 1,200 people and represent a variety of industry sectors.
This was also the third healthcare sector investment for BGF, having backed Shuropody, the specialist footcare provider and retailer and Springfield Healthcare, Yorkshire and Humberside’s largest independent provider of domiciliary care.
Medicina was introduced to BGF by BTG Corporate Finance and the company is banked by RBS.
Ken Harrison, CEO of Medicina commented:
“We see a number of exciting ways to grow the business both in the UK and overseas. As part of our growth strategy, it was important to find the right long term investor to partner with. BGF demonstrated a strong interest in the business and we believe that they are the right partner for us.”
Neil Inskip, Investment Manager at BGF, commented:
“We are delighted to be backing Ken, who has grown Medicina to be the UK market leader in its sector. BGF’s capital and support will help the Company take advantage of the significant opportunity to grow both domestically and overseas. BGF was established to provide long-term capital to ambitious companies and Medicina meets all of the criteria we look for when selecting investments.”
Andy Gregory, Regional Director for BGF’s Northern team, commented:
“Our Northern presence continues to go from strength to strength. We have now backed ten exciting companies across a huge range of sectors – from manufacturing and retail through to healthcare and hospitality. Having invested £35m this calendar year, we have continued to expand our team as we look to meet the strong demand from ambitious, growing companies who require development capital.”
Matt joined BGF in 2013 and is based in Manchester. He works with entrepreneurial businesses across the North of England, identifying and executing investment opportunities. He also sits on the board to help support these companies once within BGF’s portfolio. As part of Matt’s role, he leads BGF’s investment in AIM listed businesses across the North.
Matt has 16 years’ experience working in the corporate finance environment, a large part of that in Deloitte’s Corporate Finance team in Manchester where he was a director since 2007 and for two years as a director in the Lloyds Bank Acquisition Finance team before joining BGF. Over that time, he has advised on or led the funding to a large number of growth capital and private equity transactions across multiple sectors.
Matt qualified as a chartered accountant with Deloitte in 1998. He has a BSc Hons in Chemistry from Sheffield University and previously attended school in Nottingham (going to school as a Derby County fan in Nottingham wasn’t easy). He is married with three children. Matt remains is a keen sportsman, having played a lot of tennis, football and rugby in his time, but has found a passion for cycling and triathlon over recent years.
“We have a unique opportunity at BGF to support some of the UK’s best entrepreneurs through a key stage in their businesses’ development. I’m extremely excited about the difference we can make over the long term and and am delighted that I can be part of this growth journey for so many growing companies in our region.”
Latest investments/Board positions:
- Styles & Wood Group plc (Board Director)
- Broadband Satellite Services (Board Director)
- RMS International (Board Director)
- Sofology (Board Director)
- Woodall Nicholson (Board Director)