BGF successfully exits Derry-based Braidwater following equity buyback
BGF has successfully exited its investment in Braidwater Group, a family-owned residential developer based in Derry, following the company’s decision to buy back equity after a decade of sustained growth.
BGF first invested in Braidwater Group back in 2015 in what was their first investment in Northern Ireland. The partnership was “instrumental” in helping BGF to establish a strong foothold in the region, as well as supporting Braidwater’s business transformation, the organisation said.
Over the subsequent 10 years BGF has invested over £100 million in businesses across the north, including Braidwater, making it the most active growth capital investor in the region.
The Braidwater Group say funding from BGF has been instrumental in enabling them to develop and grow its land bank, build out and evolve its management team, and expand its footprint across the entirety of Northern Ireland.
In 2019, Braidwater merged with sister company BW Homes & Construction to create Braidwater Group. They say the move diversified its offering and allowed them to enter the social and affordable housing market.
The company now operates notable developments such as Beech Hill on the Glenshane Road in Derry.
Braidwater’s turnover has grown from £4 million in 2015 to £24 million last year, and the firm said this transformation has put them “in the stable position to buy back their equity from BGF’s investment”.
Braidwater CEO, Joe McGinnis said: “Today, we are in a strong position with a professionalised team, a significant development pipeline, and a clear strategic vision for the next 10 years. Most importantly, this buyback ensures Braidwater remains a family-run enterprise for the future – something that was always important to us.”
He added: “We’re grateful to BGF for their support over the last decade as we scaled our operations and established the Braidwater Group. Their initial investment gave us the springboard to enter new markets, while follow-on funding instilled us with the confidence to go even further."
Paddy Graham, regional partner at BGF, said: “Our partnership with Braidwater has been one of the most significant for BGF in Northern Ireland. We’re proud to have supported the business through a period of transformation and are pleased to see the family take it forward with renewed ownership and ambition.”