One of the North East’s fastest growing companies has secured a £14m investment to boost its expansion plans.
Growth capital investor BGF has invested in Gateshead firm Bloom Procurement Services, which manages procurement solutions for a range of public sector organisations.
Bloom - which won the High Growth & Ambition Award at last year’s North East Business Awards, and was also the highest climber in the most recent Top 200 list of the region’s largest companies - enables public sector organisations to award contracts and achieve significant savings.
The company was founded in 2011 by executive chairman Adam Jacobs, and has been involved in more than 7,500 projects with a value of £800m across all parts of the public sector. Bloom’s platform also enables SMEs access to a market on a level playing field, helping them compete with larger companies.
The funding from BGF will enable Bloom to invest in development of its technology, enhancing the proposition it offers to existing customers and unlocking significant growth potential.
Mr Jacobs said: “BGF stood out as the investment partner for us at this stage in our development. The team demonstrated a good understanding of our business and market and have a clear track record of successful investments in a similar space.
“They are backing a business with enormous growth potential and the BGF partnership emboldens our ambition to rapidly scale the business and create a great case study for entrepreneurship and growth in North East England.”
Amabel Grant has been made Bloom’s CEO, having joined the business in 2018 as chief technology officer. Non-executive director Diane Cheesebrough will step up to become non-executive chair as part of the deal.
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Barry Jackson and Rob Johnson from BGF led the investment.
Mr Jackson said: “Adam and Amabel are a powerful combination and Bloom is a unique asset, which has access to a large market and the potential to rapidly scale. This is a business offering a best-in-class solution, delivering results for its users and driving social value throughout the supply chain.
“We’re looking forward to working with the team to achieve our shared ambitions for Bloom.”
Advisors to BGF were Cavu Corporate Finance (Shawn Bone, Thomas Brunsnes) and Squire Patton Boggs (Paul Mann, Craig Pettit). The advisors to Bloom were KPMG (Christian Mayo, Michael Downes) and Cooley (Stephen Rosen, Charlotte Lennon).
BGF was set up in 2011 by some of the country’s largest banks and has invested £2.5bn in nearly 400 companies, making it the most active investor in the 海角视频.
It traditionally takes minority, non-controlling stakes with a long-term outlook on investment, and has backed North East companies that include Cussins Homes, Arcinova, Salecycle and J&B Recycling.