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ISIF backed equity fund invests in two food sectors

Isif Backed Equity Fund Invests In Two Food Sectors

BGF has taken a stake in two food and nutrition businesses as part of its plan to invest at least £25m (€29m) in fast-growing Irish companies this year.

That UK private equity fund, backed by the Ireland Strategic Investment Fund (ISIF), is pouring €12.5m into Galway-based supplements firm Revive Active and making a “significant” investment in the Dublin Meat Company, maker of Fit Foods. Meal.

The deals, which will see BGF take a minority stake, will mark the fund’s first foray into the food and nutrition sector in Ireland.

BGF has now supported 13 Irish companies in a series of transactions over five years worth €80m. Chief executive Stephen Welton said the company has €250m of funds to use in Ireland and is building relationships with hundreds of companies.

BGF has deployed £3bn in the UK and has a near-term goal of investing €100m in Ireland.

Founded in 2011, Revive Active manufactures a wide range of supplements at its Mullinger facility. The business has a range of renowned brand ambassadors, including wellness influencer Rose Purcell and Irish rugby player James Ryan.

Founder Dethy O’Connor will remain a majority shareholder following BGF’s investment. Leo Casey, head of BGF in Ireland, will join the company’s board.

“What Dethy has achieved with Revive Active over the past 11 years is unbelievable. This will be our first investment in a Galway-based business,” said Mr. Casey.

Dublin Meat Company operates six craft butchers and an online ordering service.

BGF’s investment in the business will finance the acquisition of Monaghan food processor Swift Fine Foods. Swift, which employs more than 200 people, manufactures Fit Foods meals, of which 120,000 are distributed weekly.

“Our Fit Foods range is experiencing rapid growth. Owning our own manufacturing facilities means we can now improve the quality of every aspect of our Fit Foods range,” said Brian O’Leary, Chief Executive Officer of Dublin Meat. and be able to guarantee the supply.

BGF’s Joe Higgins will join the board of the expanded business.

BGF began operations in Ireland in 2017 and was given an investment mandate by the state-backed ISIF to become an equity provider for growing Irish companies. Its model involves making minority investments in growing companies, typically between €1m and €10m, and staying involved for 10 years.

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