Investor BGF opens Cork office to target Munster firms
State-backed investment firm BGF has opened an office on Cork’s Lapp’s Quay as it eyes opportunities in Munster.
BGF said it has over €250m to invest in Ireland and is backed by AIB, Bank of Ireland, and Ulster Bank along with the Ireland Strategic Investment Fund (Isif).
The company is currently in discussions with a number of companies in the Munster region with an eye to investment.
BGF typically makes equity investments of between €1m and €10m. Founded in the UK in 2011, BGF has invested £2.1bn in over 300 firms in the SME sector, generating £555m in returns.
In 2007, they launched in Ireland and over the past 12 months have invested over €20m to support the growth of three Irish companies; nursing home firm Brindley Healthcare, housebuilder Winterbrook, and aerospace company Team Accessories Limited.
BGF describe themselves as long-term investors taking minority positions in businesses.
Stephen Welton, CEO and Founder of BGF, said: “Our business in Ireland has made huge progress over the past two years and we are delighted now to open a second office here in Cork. The Munster region has some outstanding companies and we are able to support them to achieve their growth ambitions.”
Leo Casey, Head of BGF in Ireland their philosophy is to embed themselves in the communities in which investee companies are located.
“We plan to open a number of offices around the country and Cork was the perfect location for our second opening.
“The city embodies a sense of optimism and energy and is a hub of innovation for the next generation of Irish pioneers. We look forward to investing in some of the region’s most exciting businesses.”
“For our investments in Ireland, we are backed by, and work closely with, the main Irish banks and with the Ireland Strategic Investment Fund (Isif) and we believe passionately in the entrepreneurs and the businesses we are supporting.
Along with three Irish banks, BGF is also funded by the Isif which is managed by the National Treasury Management Agency (NTMA).
It has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.
