SME lender Beechbrook Capital has appointed Conor Molloy as chairman of its new Irish SME fund, which has just made its first loan. Molloy will run the fund in conjunction with David Merriman.
In its first deal, Beechbrook is providing €7.5m finance to Bio-Medical Research, which provides electrical muscle stimulation technology for the fitness and wellness sector. BMR, founded in 1969 in Galway, says it will deply the funding to expand its product range, which includes Slendertone and Flex Belt.
BMR was advised by DC Corporate Finance and law firm Maples. Beechbrook Capital was advised by Ronan Daly Jermyn Solicitors and Gilroy Gannon Chartered Accountants.
UK--based Beechbrook Capital has raised c.€800m through six funds to lend and invest in c.70 companies in the European lower mid-market. The company has received funding this year from the Ireland Strategic Investment Fund, which has outlined €141m of ‘regional investments’ so far in 2019.
ISIF says its five priority themes are regional development, indigenous businesses, housing, climate change and sectors adversely affected by Brexit. Its nine regional investments year to date are:
In Association with
• ATA (€15m) – an equity investment in a Cavan-based manufacturing firm to support its international expansion.
• Beechbrook Capital (€20m).
• Green Isle/Donegal Catch (€7m) – an equity investment in food manufacturing and distribution businesses in Kildare and Sligo.
• Housing Infrastructure Services (€1.5m) – a commercial joint venture with Cork County Council to provide support infrastructure that will facilitate the delivery of new homes at scale.
• Kilkenny urban regeneration (€12m development finance) – a joint venture with Kilkenny County Council to develop the city’s Abbey Quarter around the former Smithwick’s brewery.
• Milkflex (€24m) – a follow-on investment to a €64m commitment in 2016 and 2018 to provide working capital support to dairy farmers and agri-business SMEs.
• Quadrant (€35m) – an investment in a fund that is targeting investments in commercial property in Cork and other regional cities.
• Shannon Airport (€12m) – debt finance to support the delivery of a new aircraft hangar, following on from a €14m investment in 2014 to facilitate the enhancement of the airport’s runway infrastructure.
• West Cork Distillers (€15m) – an equity investment to support a specialist drinks company in growing to scale and accessing new markets.
