BGF Leeds secures first Northern Ireland deal

BGF (Business Growth Fund) has completed its first investment in Northern Ireland, in a deal led by the team of investors based in Leeds.

BGF has invested in Derry-based Braidwater, a family owned housebuilder that has been designing and building affordable residential housing across Northern Ireland for over four decades.

Braidwater, which builds high quality two to five bed family homes, is run by founder and executive chairman Patrick McGinnis and his son, managing director Joe McGinnis.

The growth capital investment will be used to support the development of residential properties across existing sites and provide Braidwater with long term strength to deliver on its commitments.

This is the second house-builder BGF’s team in Leeds has invested in, following a £5m deal with North East-based Cussins in December 2012. Cussins’ Chairman Mike Stansfield, former CEO of David Wilson Homes, has also been appointed by Braidwater as Chairman, following an introduction made by BGF.

Andy Gregory, regional director for BGF in North & Northern Ireland, said: “This deal shows the breadth of experience of our team of investors, not just geographically but also across sectors. Braidwater was identified as a strong investment opportunity and we are delighted to be supporting the business.”

Joe McGinnis added: “As a family business, we like BGF’s approach and its funding model which is focused on longer term, patient capital. We’re pleased to be their first investment in Northern Ireland and we would suggest that given the large number of family owned SMEs in Northern Ireland that other companies like ours should look to take advantage of opportunities such as this to create growth in this region.”

Braidwater was advised in the deal by TLT and PwC Belfast, while BGF was advised by Pinsent Masons and Hill Vellacott.

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