State-backed BGF invests €22m in two companies

Growth fund BGF is investing more than €22 million in two Irish companies in return for minority holdings in each.

Supported by the Ireland Strategic Investment Fund and three banks, BGF backs Irish companies with investments normally ranging between €1 million and €10 million.

The company confirmed on Friday that it will invest €12.5 million in Galway-based food supplement maker Revive Active.

The deal, subject to the Competition and Consumer Protection Commission’s (CCPC) approval, will make BGF minority shareholder in the company.

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BGF is also taking a minority stake in the Dublin Meat Company in return for a figure understood to be about €10 million.

Dublin Meat Company is poised to buy Monaghan-based processor Swift Fine Foods. The CCPC must approve both that transaction and BGF’s investment.

Swift employs 200 people and makes Dublin Meat Company’s main product, Fit Foods – a range of ready meals sold in supermarkets.

Bank of Ireland, one of the three institutions that support BGF, will loan money to Dublin Meat Company alongside the investment.

Founded with six craft butchers by Paddy O’Leary in 2005, Dublin Meat Company now distributes more than 120,000 ready meals a week.

The founder’s sons, Brian and David O’Leary, run the business, which still includes the original craft butchers.

Joe Higgins of BGF dubbed Dublin Meat Company’s plans exciting.

“The Swift transaction will be transformational for the company and give it the resources to support the rapidly growing Fit Foods brand,” he said.

Brian O’Leary, Dublin Meat Company chief executive, noted that the deal underwrote the firm’s plans.

“Owning our own manufacturing facilities means we will now be able to guarantee the quality and supply of every aspect of our Fit Foods range,” he added.

Revive Active makes food supplements meant to boost energy, immunity and wellbeing.

Businessman Dáithí O’Connor founded the company 11 years ago and will remain the majority shareholder.

Revive employs 60 people across its Galway head office and the Mullingar factory where it makes its products.

BGF’s Leo Casey said Revive had carved out a significant export business alongside its Irish sales.

Mr O’Connor predicted that the investment would underpin its growth plans over coming years.

AIB and Ulster Bank are BGF’s other backers. The company focuses on long-term investment to aid businesses’ growth.

Its other investments include Croom Medical, which designs and makes precision components for the medical devices industry; medical device manufacturers Ostoform and Vasorum; and aircraft maintenance business Team Accessories.