BDO Capital Development Fund Is Launched
A €75m government investment fund for Irish SMEs looking to develop their export business was launched today. The fund will be delivered under the Development Capital Scheme and will target established Irish companies planning to tap into export markets.
The BDO Development Capital Fund will be managed by BDO subsidiary Development Capital, and will invest development and growth capital in established, mid-sized and profitable companies to support and accelerate their export growth plans.
The majority of eligible SMEs will likely be drawn from industry sectors already targeted by the government for future growth: food and agri; life sciences and clean tech; ICT/software and industrial/engineering sectors.
In addition to an experienced investment team, the fund is also expected to assemble a blue-chip partnership of large Irish corporates to provide funding, guidance and connections, with the help of Enterprise Ireland. The corporate partners to the fund include Bank of Ireland, CRH, Glanbia and Glen Dimplex.
Investee companies will also be given the opportunity to liaise with a variety of industry experts, including Denis Brosnan (former CEO of Kerry Foods); Alan Crosbie (former chairman of the Irish Examiner); Dr Jim Mountjoy (founder of Euristix) and Helen Ryan (former CEO of Creganna Tactx Medical).
The fund will invest sums of between €2m and €10m to 15 selected companies, as well as the mentoring and other guidance, for an investment period of five years. (03/03/14)