Last year its successful exits include from a £60m acquisition of Victorian Sliders.
Victorian Sliders,
Equity investor BGF has reported strong activity in the Wales and the South West of England marketplace with a further £500m identified to back the growth of businesses. Last year BGF (formerly known as the Business Growth Fund) orchestrated two successful exits from its Welsh and south west of England portfolio, alongside continued investment.
This included a 3.2 times return on its £18m of equity investment into leading sash window Victoria Sliders. The Ammanford-based business was acquired by Nasdaq Stockholm-listed and one of Europe’s largest window manufacturers Inwido in a £60m deal in December.
Since BGF’s initial £14m investment in 2021, which saw a £4m follow on investment, the business increased revenue from £19m to £33m 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 8.4 times money multiple. During this period, the business more than doubled turnover, growing from £19m in 2016 to £46m 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.
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It said that portfolio company, Cardiff-based PureCyber, delivered another strong commercial performance in 2025 as it continued to expand its specialist team and grow its customer base. The BGF invested £5m in the business in 2024.
Looking BGF said its team 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 £500m across Wales and the south west over the next five years, as part of its wider £3bn UK-wide investment pledge, which includes at least £300m 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 ( Wales and the south west), 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.”