The Goodbody 2016 EIIS Fund, managed by Baker Tilly Hughes Blake, has announced that it has raised €10m in December 2016 and is now looking for opportunities to invest in Irish SMEs over the coming months.
“We are delighted to have raised €10 million,” said Stephen McGivern, Partner at Baker Tilly Hughes Blake. “We are keen to identify established Irish SMEs that show a strong potential for further growth over the next three to four years. The fund’s average investment size ranges between €2 and €3 million although investments as small as €1 million will be considered in the right company.”
Our investment strategy is to invest in companies with a strong management team, acceptable gearing levels, a strong track record and good cashflow characteristics. Most importantly, the company must be able to demonstrate an ability to provide the fund with an exit after the minimum four year holding period.
In 2016 the Fund invested in five companies including Barberstown Castle, Intact Software, McArdle Skeath, a group of two nursing homes and a distillery. In 2017 the Fund will invest in a range of companies across a number of sectors and has already entered into an investment process with two companies. The Fund is aiming to have all investments completed by the summer of 2017 and any companies interested in securing EIIS funding are encouraged to make contact with us as soon as possible.
The maximum amount that can be raised in any one year is €5 million and up to €15 million over the life of the company. In the past year there has been an increasing number of enquiries from nursing homes and hotels who are using EIIS funding to support expansion and refurbishment projects.
The overall market for EIIS funding in Ireland is currently experiencing strong growth with more than €100m invested in 2016. The average investment is growing as companies continue to struggle to raise sufficient bank debt to fund their growth.
If you would like to find out more about how EIIS funding can be used to support the growth of your business then please do not hesitate to contact our team at info@eiismanagement.ie
