Region’s advisors help procurement business bloom with £14m deal
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Procurement business, Bloom has been backed by BGF in a £14m deal.
The Gateshead business which was founded in 2011 enables public sector buyers to compliantly and transparently award public sector contracts while saving money.
The deal which was supported by a number of advisors from Yorkshire will see Amabel Grant appointed chief executive, having joined the firm in 2018 as chief technology officer and Diane Cheesebrough moving to non-executive chair having previously been a non-executive director.
Adam Jacobs, founder of Bloom 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.”
Barry Jackson and Rob Johnson led the investment from BGF.
Jackson said: “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.”
BGF was advised by Shawn Bone and Thomas Brunsnes of Cavu Corporate Finance, and by Paul Mann and Craig Pettit from Squire Patton Boggs.
Bloom was advised by Christian Mayo and Michael Downes from KPMG, and Stephen Rosen and Charlotte Lennon of Cooley.