Business Growth Fund (BGF), the UK-based growth equity fund backed by five financial services firms and the UK government, has invested in three companies across England and Northern Ireland.
England-based aerospace engineering company Acro Aircraft Seating raised £7.75m ($11.8m) from the fund. Founded in 2007, Acro designs and produces lightweight economy airline seats for low-cost airlines.
The company will use the money to increase design and product development capabilities, strengthen its supply chain and keep up with orders.
Giggling Squid, an England-based operator of a Thai restaurant chain, received £6.4m in funding. The company, which had previously secured an undisclosed amount of debt financing from bank Barclays, will use the latest funding to open more restaurants.
Jon Simon, investor at BGF, has joined Giggling Squid’s board. BGF has concurrently placed Simon Kossoff, chairman and former chief executive of Italian restaurant chain Carluccio’s, on Giggling Squid’s board as a non-executive chairman.
Finally, Northern Ireland-based housebuilding company Braidwater received an undisclosed amount from BGF, making it the fund’s first investment in the country. Braidwater constructs two-to-five bedroom family houses and will use the capital to support current and future projects.
BGF introduced Mike Stansfield, chairman of homebuilder Cussins, to Braidwater which has named him as chairman. Cussins is also a portfolio company of BGF.