British Business Bank makes £34m commitment to WestBridge III
Press release
Today, the British Business Bank has announced a commitment of £34m to WestBridge III, supporting a final close at the fund’s £225m hard cap. The British Business Bank has previously backed WestBridge II in 2017 with a £15m commitment which held its final close at £102m.
WestBridge is a lower-mid market UK based private equity firm with offices in London, Manchester and Cardiff. It typically invests between £10m and £40m into high-growth tech-enabled services companies across the UK, outside London and the South East, further supporting the British Business Bank’s commitment to help drive the growth of smaller businesses across the UK’s Nations and regions. To date, the firm has successfully raised 3 funds investing a total of £266m in 23 companies.
WestBridge began fundraising for Fund III in 2022 and had a first close in August 2023. Since then, WestBridge has completed four investments.
Continuing with the strategy employed by WestBridge II, Fund III will focus on B2B companies with proven profitability across the UK’s Nations and regions whilst helping them to take advantage of fast growing market niches and scale internationally.
Adam Kelly, Managing Director and Co-Head of Funds, at British Business Bank said:
We are proud to continue our partnership with WestBridge which has provided vital capital to companies across the UK’s Nations and regions. Following the commercial success of WestBridge II, this new fund will look to further address regional imbalances, ensuring that businesses have the financial capability they need to scale successfully.
Guy Davies, Managing Partner at WestBridge said:
With this new commitment, we can continue to back promising companies across the Nations and regions and unlock the UK’s full economic potential. We look forward to identifying new investment opportunities and supporting keen business leaders as they enter the next phase of their growth cycle.
Further Information
If you are a journalist and have a media enquiry, please contact mediaenquiries@british-business-bank.co.uk.
Notes to editors
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank’s core programmes support £23bn of finance to almost 64,000 smaller businesses. British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at British Business Bank.
The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of WestBridge or its products or services.
About WestBridge
WestBridge is a lower mid-market private equity provider with offices in London, Manchester and Cardiff that specialises in primary buyouts and buy-and-build investments. The firm partners with management teams to implement a proven Value Creation Model for scaling and accelerating growth. Its operating consultants support and accelerate business development. Typically investing £10m-£40m, WestBridge targets fast-growing UK SMEs with EBITDA of £2m-£8m with initial enterprise values of between £15m and £60m. Its third fund, WestBridge III, follows previous funds that consistently and independently benchmark as top quartile performing funds for their vintage.
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