The South West & South Wales team of BGF, the UK and Ireland’s most active growth capital investor, has reported a strong year of activity in 2025, delivering two successful exits alongside continued investment across its regional portfolio.
During the year, BGF exited Victorian Sliders®, the Welsh manufacturer of ECOSlide® uPVC sash windows, generating a 3.2x money multiple. Since BGF’s initial £14 million investment in 2021, the business increased revenue from £19 million to £33 million and grew its workforce to 280 employees.
BGF also completed its exit from Nonwovenn, the Somerset-based fabric technology specialist, following a nine-year partnership that delivered an 8.4x money multiple. During this period, the business more than doubled turnover, growing from £19 million in 2016 to £46 million in 2025.
Alongside these exits, BGF continued to support its local portfolio in 2025 through board-level engagement, senior appointments, strategic investment and access to its wider value creation network.
In the food and beverage sector, Plant-Ex completed the acquisition of Polish food technology business Aromacolors, extending its European footprint and enhancing manufacturing and technical capabilities, alongside the development of a new UK site.
In technology, Kubus strengthened its senior leadership team, supporting organisational scale-up and long-term growth. The business is also selectively exploring strategic bolt-on opportunities to enhance its service offering.
In cybersecurity, PureCyber delivered another year of strong commercial performance, featuring in the UK Fast Growth Index for the third consecutive year and being named among the top 50 fastest-growing companies in Wales, while continuing to expand its specialist team and grow its customer base.
In consumer and retail, Seasalt reported positive trading results with revenue of £150 million, representing year-on-year growth of 13%, supported by increasing international sales and improved profitability. During the year, Seasalt opened its fourth store in the US and announced plans to open 10 new stores per year.
Looking ahead, the South West & South Wales team said it enters 2026 with a healthy pipeline of opportunities, supported by increasing deal flow and ongoing exit activity across the portfolio. This momentum is underpinned by BGF’s commitment to invest £500 million across the region over the next five years, as part of its wider £3 billion UK-wide investment pledge, which includes at least £300 million earmarked for female-powered businesses.
Alex Garfitt, Partner at BGF, said:
“2025 proved to be a standout year for exits, with Victorian Sliders® and Nonwovenn demonstrating what can be achieved through supportive partnerships and a shared commitment to sustainable growth.
“Across the region, ambitious management teams continue to invest, hire and scale. As deal flow strengthens and exit activity continues, we enter 2026 with confidence and a strong pipeline of opportunities.”
