BGF has exited its investment in Cennox – a provider of services to the ATM sector. The business has been acquired by US-based investment firm, York Capital.
BGF first invested £3 million in Cennox in June 2012 and subsequently put in three follow-on rounds into the business, taking total investment to £17 million.
BGF’s investment and the growth that followed it also enabled the company to access significant debt funding from its shareholder banks.
William Gresty, investor at BGF, who led the exit, says: “Cennox was an early investment for BGF and as such it is a fantastic example of the long-term patient capital approach of our investment model. Since we backed Clive Nation, Nick Cockett and Roy Dodd in 2012, Cennox has grown rapidly both in the UK and internationally and it is now a fully-fledged global player in the ATM and banking services sector. We’re extremely proud to have helped the company reach its long-term goals and we wish Clive and the team and York Capital all the best on the next stage of their growth journey.”
This transaction marks BGF’s 11th successful exit in 2021, generating significant returns for all shareholders. Recent deals include: BGF’s exit of Nottingham life sciences incubation business, BioCity, and the exit of sustainable ecommerce returns platform, ReBound.
