BGF pumping cash into Calnex

BGF is to become a cornerstone investor in the initial public offering of Calnex Solutions, the West Lothian technology business set to be the first Scottish stock market flotation in two years.

The news follows Monday’s announcement that Calnex, which is head quartered in Linlithgow and provides test instrumentation equipment to some of the world’ s biggest telecoms companies, is to list on London’s Alternative Investment Market (Aim) towards the start of next month.

BGF, formerly the Business Growth Fund, was set up in 2011 and has since invested more than £2.2 billion in some 330 companies. It invests in growing businesses in the UK and Ireland through a network of 14 offices.

Pad dy Graham, head of BGF’S Edinburgh office, said: “This investment into C alnex illustrates the strength of BGF’S regional presence and breadth of offering, with our Scottish investors working closely alongside BGF’S ‘quoted’ team in London to support the proposed listing.

“We have built a relationship with [Calnex founder] Tommy [Cook] and the management team over a number of years and have watched the significant progress they have made, particularly around international expansion, R&D and successful bolton acquisitions. Wear every much looking forward to partnering with the company and supporting its growth ambitions.”

The level of BGF’S investment was not disclosed.

Paul Stevens, a member of BGF’S quoted team said: “We are delighted to be a cornerstone investor in Caln ex at such an exciting time for the company.

“Having first met the business a number of years ago, BGF has followed the excep - tional progress achieved by an innovative and entrepreneurial management team. The proposed listing and admission to Aim is a significant milestone for the company.”