Princelet Partners advises The Bullitt Group on £3.5M private placement from The Business Growth Fund.
About Bullitt Group
Bullitt Group Ltd (“Bullitt”) provides complete go to market solutions for global brands looking to extend into mobile or audio products. As the worldwide licensee of Caterpillar Inc. for mobile devices and accessories and the licensed manufacturer of JCB mobile devices, Bullitt owns a commanding position in a rapidly expanding ‘rugged’ device category and is quickly emerging as a market leader in the design and manufacture of high quality, high durability mobile phones for both for the consumer and industrial sectors.
About Business Growth Fund
Business Growth Fund has been established to help Britain’s fast growing smaller and medium sized businesses. Growth potential is the key criteria. BGF will invest between £2m and £10m per business in return for a minimum 10 per cent equity stake and a seat on the board for a BGF director. BGF will provide long-term equity investment for those growing companies that today do not have access to this source of capital. As such BGF hopes to be a catalyst for growth among smaller UK companies.
BGF is an independent company with capital of up to £2.5 billion, backed by five of the UK’s main banking groups - Barclays, HSBC, Lloyds, RBS, and Standard Chartered. BGF is managed completely autonomously with an independent management team.
BGF is one of a range of initiatives designed to forge a new relationship between the banking sector and UK businesses, and BGF works in close collaboration with the British Bankers’ Association as well as other key business organisations across the UK.