27TH November 2025, Reading, UK: BGF has completed a successful exit from its investment in Operational Solutions Limited (OSL), a leading provider of counter-drone and airspace management technologies headquartered in Reading. The business has been acquired by Terma A/S, a global provider of mission-critical solutions for defence, aerospace, and security. The deal marks another strong outcome for BGF’s portfolio of pioneering technology companies.

Since BGF’s initial investment in 2021, OSL has achieved significant growth and established itself as a market leader in counter-drone detection and management solutions. Its technology is deployed across multiple critical environments, including Heathrow Airport and Wembley Stadium, providing advanced situational awareness and safeguarding airspace security.

With BGF’s support, OSL has expanded its workforce from 50 to more than 100 employees, strengthened its leadership team with the appointment of a Chief Operating Officer, and accelerated research and development. The business also leads Project HADO®, a consortium initiative designed to advance the commercial adoption of autonomous drone systems in high-intensity environments.

BGF’s growth capital investment enabled OSL to scale its commercial operations, enhance its data and software capabilities, and expand into new international markets. The partnership supported CEO Mark Legh-Smith and his team in establishing OSL as a trusted global player in counter-drone technology, working with some of the world’s most demanding infrastructure and event operators.

The exit from OSL follows a series of successful realisations for BGF in recent months, including BB7, Monodraught, Brisant Secure, Braidwater Group, Panthera Biopartners, and OrganOx, reinforcing the strength of BGF’s long-term model and partnership approach.

Mark Legh-Smith, CEO of OSL, said: “BGF’s partnership has been instrumental in helping us scale rapidly and expand into new markets. Their support has allowed us to invest in R&D, strengthen our leadership team, and deliver cutting-edge technologies that are shaping the future of counter-drone operations. I’m immensely proud of what we’ve achieved together and excited for the next phase of OSL’s journey with our new partner.”

Jack Teasdale, Investor at BGF, said: “It has been a privilege to support Mark and the OSL team as they’ve built a market-leading business in one of the most exciting and fast-evolving technology sectors. Their commitment to innovation and operational excellence has set new standards for airspace management and safety. This exit is another example of how BGF’s patient capital model can help ambitious businesses scale and realise their potential.”

– ENDS –

About OSL

Operational Solutions Limited (OSL) is a leading provider of integrated counter-drone and airspace management technologies. Its proprietary systems are used by major airports, stadiums, and government organisations to detect, assess, and mitigate drone-related risks.

About BGF

BGF was set up in 2011 and has invested over £4.7bn in more than 600 companies, making it the most active investor in the UK and Ireland. BGF provides minority, non-controlling equity investments for growth-stage businesses, combining capital with long-term partnership and access to a nationwide network of expertise.