Broderick’s snacks on $6.7m
Posted on 07 March, 2017 by Thierry Heles, editor
The BDO Development Capital Fund has provided money to support the confectionary manufacturer’s international expansion efforts.
Ireland-based confectioner Broderick’s has attracted €6.35m ($6.7m) from investors including BDO Development Capital Fund, a public-private partnership focused on growth-stage investments, according to the Irish Times.
Enterprise Ireland, the state-owned export credit agency, and financial services firms have also contributed capital.
Broderick’s produces a range of confectionary bars and cakes under its eponymous brand as well as under the Irish Flapjack Company and Ina’s Handmade Foods.
The company currently employs 100 staff and will use the cash injection to support continued international expansion. It is aiming to double its turnover by 2022, with 40 jobs added over these next five years.
Andrew Bourg, investment director at BDO, said: “Broderick’s is a first for the fund in terms of it being both a food company as well as a family-owned venture both of which are focus areas for the fund.
“It is one of many Irish family-run food companies that are export-focused with ambitious growth plans.”
See more from this Government Report: Ireland
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