MML Ireland announces close of €135m private equity fund raised for ionvestment in Irish SMEs
MML Growth Capital Partners Ireland (“MML Ireland”) announces today (16 March 2021) that it has successfully closed its second private equity investment fund at €135m.
The MML Growth Capital Partners Ireland Fund 2 (“Fund 2”) has been supported by leading investors including British Business Investments, the Ireland Strategic Investment Fund (ISIF), AIB Bank, the European Investment Fund and a number of large US institutional investors.
Led by partners and co-heads of investment Rory Quirke and Neil McGowan, MML Ireland provides growth capital to SMEs on the island of Ireland for expansion, acquisitions, re-capitalisations, MBOs and shareholder re-organisations.
MML has made 15 investments in a range of Irish businesses, deploying €125m since its inception.
“We are very pleased to have raised €135m in this second fund and the calibre of investors reflects the quality of the fund. The successful deployment of our initial fund and the overall performance of the investments in that fund gave us a strong launch pad for Fund 2. A number of the core investors in our initial fund are invested in Fund 2 and we welcome ISIF and British Business Investments as new partners. The involvement of both our existing and new investors reflects their interest in Ireland’s SME sector and the associated development and growth opportunities. We have already commenced deployment from Fund 2 with investments in Irish HomeCare, a Monaghan headquartered national provider of domiciliary care and in CG Power Systems Ireland, now Kyte Powertech, a Cavan based manufacturer of distribution transformers,” says Rory Quirke.
“We have always believed that there are many high-quality businesses in Ireland which, with appropriate investment and a good ownership structure, can grow and develop based on their inherent potential and the enterprise of management. This belief has been borne out by the businesses with whom we have partnered. Across sectors from healthcare to education and from insurance to engineering, the trigger for many management teams has been to re-shape and transition ownership, re-finance debt, invest in organic and acquisitive growth opportunities and open new markets. Our typical equity investment range is €5 to €15m which enables companies to underpin development and expansion. Our portfolio companies employ over 3,000 people and combined, have revenues of circa €400 million which, in aggregate, have grown exponentially over the past six years,” says Neil McGowan.
Judith Hartley, CEO, British Business Investments says: “This €15m commitment from British Business Investments will enable MML Ireland to support high growth businesses in Northern Ireland by giving them access to the finance they need to grow and prosper. By supporting capital providers such as MML Ireland, we can continue to help smaller businesses achieve their growth ambitions.”