Venture capital fund BGF has invested £10m (€11.7m) in Lisburn-based awning company Mzuri Group to support its growth plans.
It is a follow-on investment for BGF, which first backed Mzuri in April 2020, and brings its total support for the business to £20m.
Mzuri, which designs, manufactures and distributes window coverings, will use the funding for further acquisitions to drive growth and expand sales and distribution in Europe. Since April 2020, it has increased its revenue to £195m, from £70m, by completing 10 acquisitions and growing its core business organically.
Founded in 1979, Mzuri was previously marketed as Decora. It currently employs 1,500 people between its Lisburn headquarters and other facilities in the UK. She has clients in the UK, Europe and Australia.
“Mzuri has grown its business significantly since BGF first invested in the company, and we view this latest funding round as a tremendous endorsement of our future growth plans in the years to come,” said Stuart Dickson, Managing Director of Mzuri Group. “In addition to his substantial financial support, access to BGF’s network and expert advice has been invaluable as we evaluated acquisition opportunities and entered new markets. We look forward to continuing to work closely with the BGF investment team in the future. »
Founded in 2011, BGF was created to invest in growing businesses in the UK and Ireland. It is backed by Barclays, HSBC, Lloyds Banking Group, NatWest and Standard Chartered.
BGF has invested in over 450 companies, spending over £3bn to support them. To date, he has invested around £60million in Northern Irish companies including Braidwater, RiverRidge, Audit Comply, Bob & Berts, Uform and his backing for Mzuri.
“The team have done a brilliant job building what is now a large-scale business and one of the major players in the window coverings market in the UK and Europe,” said BGF Investor Graham Clarke. and board member of Mzuri. “It’s fantastic to announce this significant follow-on investment in Mzuri Group, which will support the continued growth of the business as it builds on its current platform and expands its European footprint.”
His Irish fund, established in 2017, is backed by the Ireland Strategic Investment Fund, AIB, Bank of Ireland and Ulster Bank. Earlier this month he announced separate investments in Irish companies: €12.5m in Galway-based dietary supplement maker Revive Active and a €10m investment in Dublin Meat Company.
This followed a €10.5m investment in cybersecurity firm Edgescan, €3.6m in Dublin-based security firm Action24, a multimillion-dollar deal euros for a minority stake in Croom Precision Medical, a precision engineering company based in Co Limerick, and an investment of 10.5 million euros. million euros investment in Irish childcare group Tigers Childcare.