Investment firm takes an almost 40pc stake in Louth-based Soothing Solutions, valuing the company at €2.5m
Former Merrion Capital boss John Conroy’s Redesdale Food Fund (RFF) has announced its first investment, in Co Louth-based Soothing Solutions Limited.
The investee company has developed a dissolvable honey-based jelly pop to provide soothing relief for children with sore throats, which it expects to launch in the coming weeks and to be available through pharmacies.
It’s understood Redesdale’s investment is for a close to 40pc stake and values Soothing Solutions at more than €2.5m
Soothing Solutions was founded by Sinéad Crowther in 2017 and has come through the Bord Bia/Enterprise Ireland/Teagasc Foodworks programme.
Redesdale has raised a €27m fund to target investments in food-related high-potential startups from a group of high-profile business people and businesses including former Unilever chief Niall FitzGerald, ex-Kerry Group boss Stan McCarthy and Coca Cola and Musgrave Group as well as Enterprise Ireland.
Soothing Solutions is the first venture backed by Redesdale and the investment is also being backed individually by Redesdale investors Seán O’Driscoll, Simon Cummins and Niall FitzGerald.
The former director general of the GAA, Páraic Duffy, will become chairman of Soothing Solutions after the deal.
Michael Cantwell, a partner in RFF, said the fund had been “extremely impressed with the vision, ambition and determination within the company and with the progress already achieved along its journey path”.
Soothing Solutions CEO Sinéad Crowther said she believes Redesdale can bring significant value in helping her firm realise its potential.