Investors plough €7m into Irish tractor firm
Tractor business Multihog has raised €7m of equity in a funding round led by the BDO Development Capital Fund.
The money will be used to drive Multihog's international expansion plans in Europe and North America, and support the development of new products.
Dundalk-based Multihog makes a range of multi-purpose tractors used for jobs including snow ploughing and street cleaning.
Its chief executive is Jim McAdam. Alongside the BDO fund, participants in the fundraising include Enterprise Ireland and the Davy Stockbrokers EIIS fund.
Andrew Bourg, investment director of the BDO fund, said that Multihog's products "travel very well internationally".
He added: "The direct customer feedback that we did during our due diligence was very, very strong... they're competing and winning internationally against best-in-class companies."
Companies in the BDO fund portfolio include internet telephony firm Blueface and security business Netwatch. It achieved strong exits from software firm Version1 and beauty business Lifes2Good.
Bourg said BDO has started talks with potential investors in a successor fund to the current entity, and wants to assemble a €75m-€100m warchest.
Sunday Indo Business