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Govt launch E75m fund for export firms

Monday, March 03 11:40:44

The Government today launched a E75 million fund under the Development Capital Scheme to support established Irish companies targeting significant revenue and jobs growth through export markets.

The BDO Development Capital Fund, which will be managed by Development Capital, a 100pc subsidiary of BDO, will invest development and growth capital in established, mid-sized and profitable companies to support and accelerate their export growth plans.

It breaks new ground for an enterprise investment fund which in addition to an experienced investment team brings together a blue chip partnership of large Irish corporates and industry experts who, together with Enterprise Ireland, will provide not only funding but also the necessary experience, expertise and international reach to assist secure business growth opportunities.

The corporate partners to the fund include Bank of Ireland, CRH plc, Glanbia plc and Glen Dimplex.

In addition to the corporate partners the investee companies will have access to proven industry experts who have created, grown and developed Irish companies into international success stories comprising: Denis Brosnan (former CEO of Kerry Foods), Alan Crosbie (Former Chairman Irish Examiner and family business expert), Dr. Noel Kelly (former Executive Director of Kentz), Dr Jim Mountjoy (founder of Euristix) and Helen Ryan (former CEO Creganna Tactx Medical). The Development Capital Investment Directors are supported by an Investment Committee chaired by Eoin O'Driscoll (Chairman of SWS).

Target companies for investment will be Irish and have significant opportunities for jobs and export growth.

Typically companies will be mid-sized, with high-growth potential and annual turnover of E15m to E50m. Based on the current growth opportunities it is likely that the majority of investments will come from the food and agri; life sciences and clean tech; ICT/software and industrial/engineering sectors.

Making the announcement today, Minister for Jobs, Enterprise and Innovation, Richard Bruton said: "As we have repeatedly stated, at the heart of our jobs plans is our determination to create a powerful engine of Irish enterprise alongside our strong multinational sector. Around the country we have many excellent mid-sized businesses in sectors like food, manufacturing and engineering - but we want to support more of them to grow bigger, export more and employ more people."

"This new E75million fund from BDO is a major addition to the supports available to this hugely important sector. Not only will it invest sums of between E2million and E10million in 15 of these companies, but it will also provide access to mentoring and other expertise from people who have done it before. This is a very significant new support that will make a real difference to businesses in this category, and will help more companies to grow more, export more, and ultimately create more of the jobs we need".