BGF has successfully exited its investment in AFG Media, the Edinburgh-based parent company of MorphCostumes, known for its popular Morphsuits. Since BGF's initial investment of £4.2 million in 2012, AFG Media has seen significant growth, with a turnover reaching £42 million in 2023 and a workforce of 68 employees.

The company offers a diverse range of 1,200 costume designs, primarily selling through Amazon in 12 countries. Notably, AFG Media expanded its market reach by selling products in Mexico for the first time this Halloween, following its entry into Canada earlier in 2023. BGF's long-term partnership with AFG Media has been instrumental in enhancing its international presence and facilitating key mergers and acquisitions, including the merger with Digital Dudz in 2013 and the acquisition of Fun Shack in 2019.

Fraser Smeaton, co-founder of AFG Media, expressed gratitude for BGF's support, especially during challenging periods like the COVID-19 pandemic. He emphasized the company's focus on further scaling operations and exploring new markets.

The exit was executed through a company and management buy-back, yielding strong returns for BGF and highlighting the substantial growth achieved by AFG Media over the years. Patrick Graham, BGF's Head of Scotland & Northern Ireland, remarked on the transformation of AFG Media since their initial investment, praising the co-founders for their vision and the potential of their unique products.

Overall, BGF's exit marks a successful chapter in the growth story of AFG Media, which continues to innovate and expand its offerings in the costume retail market.