³ÉÈË¿ìÊÖ

The investment firm BGF (Business Growth Fund) has sold its stake in RiverRidge, one of Northern Ireland's biggest waste management firms.

BGF invests in firms with the intention of helping them grow rapidly and then sells its stake at a profit.

Graham Clarke from BGF said the deal had delivered a "strong return", more then doubling the initial investment.

Its stake has been bought by Cube Infrastructure Managers and Equitix Investment Management.

Equitix's other investments in Northern Ireland include energy supplier Firmus.

BGF invested in RiverRidge in 2016 and has helped the company expand its operations both organically and by buying over other businesses.

It turned over £60m in 2022 delivering pre-tax profit of just under £2m.

Brett Ross, chief executive of RiverRidge, said the firm had "grown from humble beginnings in 2011 to a company in 2023 which is at the forefront of waste treatment technology".

BGF was founded in 2011 to provides growth capital for small and mid-sized businesses in the UK and Ireland.

It is backed by a consortium of banks and reinvests any returns into the fund.

Its other investments in Northern Ireland include the Bob & Bert's cafe chain.