The costume seller AFG Media’s turnover has grown to over £40 million, following our initial investment in 2012.
BGF has completed a successful exit from Edinburgh-headquartered costume seller AFG Media — the parent company of MorphCostumes, best known for its distinctive Morphsuits.
With a £42 million turnover in 2023, the company now employs 68 staff and offers 1,200 varied designs to its global customer base. The majority of its sales come via Amazon, across 12 countries, with additional US sales driven directly through retailers Target and Walmart. In the run up to Halloween this year, AFG Media sold products in Mexico for the first time, following the addition of Canada as a distribution market in 2023.
BGF originally invested £4.2 million in a minority stake in AFG Media in 2012, and has since worked with the company to build its international reach and range of costumes. This long-term partnership has also supported the company’s merger with Digital Dudz in 2013, as well as significant acquisitions, including Fun Shack in 2019.
“BGF invested at a vital time for our business, and we are hugely grateful for its patience in some of the tougher times, particularly through the COVID-19 pandemic, as well as the breadth of the support they provided over the last 12 years. We are now focused on scaling the business further, entering new markets, and developing incredible new costumes.”
Fraser Smeaton
Co-Founder of AFG Media
The exit, which was achieved through a company and management buy-back, delivered strong returns on BGF’s original investment, reflecting the growth the business has achieved over the years.
“It’s hugely gratifying to hand our minority stake back to the owners and wider AFG Media team, after 12 years of close partnership. The business today is almost unrecognisable to the one we invested in, and we firmly believe that our patient approach was central to realising the huge potential of co-founders Fraser, Ali and Gregor’s eye-catching original idea. I look forward to following the company’s future successes and seeing their unique products popping up in ever more far-flung locations.”
Patrick Graham
Head of Scotland & Northern Ireland at BGF
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