UK bank-backed BGF makes £3.5m Bullitt investment


Caterpillar rugged phoneUK bank-backed SME investor the Business Growth Fund has provided £3.5m of growth capital to mobile and audio device designer and manufacturer Bullitt Group.

The company works with global brands looking to extend into mobile device products, and has produced devices for Ted Baker and JCB and become worldwide licensee for Caterpillar for mobile devices and accessories.

BGF’s minority investment in Bullitt, which was signed at the end of 2012, brought its total capital provided last year to £120m across 21 small and medium-sized businesses.

This deal is BGF’s second in the telecoms sector last year having backed GCI Telecom Group, an independent telecoms and data services provider, in February.

BGF investment director James Austin said, “This is an industry prone to constant change.  New technology continues to drive demand for new handsets and this in turn generates sales.

“The rugged phone market is large, growing and underserved – and Bullitt has seized the opportunity to establish itself as one of the leading developers in this space.

“We are delighted to be backing this highly experienced, entrepreneurial team.”

BGF, which was launched in April 2011, has $2.5bn of assets from the Business Finance Taskforce,  invests between £2m and £10m for minority stakes in business and a seat on the board.

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