BGF has successfully exited its investment in Northern Ireland residential developer Braidwater Group, following the company’s decision to buyback equity, after a decade of sustained growth.
Over the past 10 years, Derry-based Braidwater has transformed from a small-scale construction business into one of Northern Ireland’s leading housebuilders, with turnover growing from £4 million in 2015 to £45 million in 2024.
The investment in Braidwater – BGF’s first deal in Northern Ireland back in 2015 – was instrumental in helping BGF to establish a strong foothold in the region.
The partnership has not only supported Braidwater’s transformation, but also played a pivotal role in cementing BGF’s position in the local market. Today, BGF has invested over £100 million in Northern Irish businesses.
Since its initial investment in Braidwater in 2015, BGF has provided two follow-on investments, allowing the family-owned business to scale operations and pursue strategic expansion. The funding from BGF has been instrumental in enabling Braidwater to develop and grow its land bank, build out and evolve its management team, and expand its footprint across the entirety of Northern Ireland.
The company now operates across the region, with notable developments, such as Beech Hill on the Glenshane Road in Derry, and Castle Hill on the Ballygowan Road in Belfast.
In January 2019, Braidwater merged with sister company BW Homes & Construction, to create Braidwater Group – diversifying its offering, and entering the social and affordable housing market. With BGF’s support, the Group professionalised and strengthened its leadership, combining internal promotions with key external hires, to form a resilient and experienced executive team.
Joe McGinnis, CEO of Braidwater, said: “We’re grateful to BGF for their support over the last decade, as we scaled our operations and established the Braidwater Group. Their initial investment gave us the springboard to enter new markets, while follow-on funding instilled us with the confidence to go even further.
“Today, we are in a strong position, with a professionalised team, a significant development pipeline, and a clear strategic vision for the next 10 years. Most importantly, this buyback ensures Braidwater remains a family-run enterprise for the future – something that was always important to us. BGF has been a valued and supportive partner throughout this growth journey.”
Paddy Graham, Regional Partner at BGF, added: “Our partnership with Braidwater has been one of the most significant for BGF in Northern Ireland. It was our first investment in the region, and it gave us a visible and successful platform from which to grow.
“The company had a quality product, a strong team, and a compelling market opportunity in 2015 – and the same is true today. We’re proud to have supported the business through a period of transformation, and are pleased to see the family take it forward with renewed ownership and ambition.
“The success of this partnership has also played a pivotal role in shaping BGF’s presence in Northern Ireland. Today, we’ve invested over £100 million in Northern Ireland, and we remain deeply committed to supporting ambitious businesses across the region.”
BGF recently pledged a further £100 million to Northern Irish businesses, over the next five years, as part of its wider £3 billion, UK-wide strategy to support high-potential companies. Meanwhile, the sale of its stake in Braidwater marks BGF’s third successful exit in Northern Ireland, following deals with waste management company RiverRidge and specialist kitchen manufacturer Uform, which both attracted large private equity investments.
