An investment vehicle set up by Britain's banks in the aftermath of the 2008 financial crisis is close to striking one of its most unusual deals to date by buying a stake in a supplier of reptile food and associated products.
Sky News understands that BGF, which was seeded by lenders including Barclays and HSBC, is in advanced discussions about the purchase of a minority interest in Monkfield Reptile.
Established in 1980 as Monkfield Nutrition, the family-owned business has expanded through a series of acquisitions, including Zoological International, a UK-based breeder and supplier of tortoises.
The group supplies more than 1,500 products to independent pet shops, specialist outlets, retailers, zoos and wildlife centres.
Sources said a deal could be concluded as early as next week.
BGF targets investments worth up to £30m in growth-stage companies, and has amassed a large portfolio which has included stakes in the luxury handbag manufacturer Strathberry and Cornwall Insight, the energy consultancy.
In total, it has invested in about 650 companies since it was established roughly 15 years ago.
It has deployed more than £5bn since it was founded.
BDO, the accountancy firm, is understood to be advising on the transaction with Monkfield.
A BGF spokesman declined to comment, while Monkfield Reptile has been approached for comment.
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