Saturday 21 July 2018

Beechbrook to provide €100m boost for SMEs

David Merriman has been appointed co-head for Ireland and will lead the Cork office. Photo: Conor McCabe
David Merriman has been appointed co-head for Ireland and will lead the Cork office. Photo: Conor McCabe
Gavin McLoughlin

Gavin McLoughlin

British non-bank lender Beechbrook Capital is looking to raise €100m for a fund targeting Irish SMEs.

The fund would provide both debt and equity financing to Irish businesses.

Beechbrook is in talks with a number of "anchor" investors for the fund.

It said it would have a strong regional focus and will be based in Cork, with another office in Dublin.

David Merriman has been appointed co-head for Ireland and will lead the Cork office. Most recently he worked at Bank of Ireland as head of enterprise development for Ireland.

The other co-head is John O'Sullivan, who joins from Enterprise Ireland (EI) where he was a co-manager of EI's direct equity fund.

Beechbrook hopes to start making investments in the second half of the year, primarily targeting medium-sized businesses.

It said typical investments will range from €2m to €6m.

Beechbrook managing partner Nick Fenn said investing in Ireland was "an exciting opportunity".

"Establishing a presence on the ground will enhance Beechbrook's regional presence and help support SMEs in a fast growing economy," Fenn added.

Set up in 2008, Beechbrook has raised around €600m for investing to date.

Sunday Indo Business

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