€75m Fund Launches To Target Jobs Growth Through Export Markets

Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, has launched a €75m fund under the Development Capital Scheme, to support established Irish companies targeting significant revenue and jobs growth through export markets.

The development and roll out of the Scheme is a critical element in the Action Plan for Jobs.

The BDO Development Capital Fund, which will be managed by Development Capital, a 100% 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 €15m to €50m.

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.

(CD)