Broderick’s Receives €6.35m In Funding
In its sixth investment to date, the BDO Development Capital Fund is leading a €6.35 million investment round in Broderick’s, the family-owned and managed confectionery food company. The investment, which comes from the BDO Development Capital Fund as well as Enterprise Ireland and bank funding, will enable Broderick’s to purchase a new manufacturing facility in Tallaght, expanding the company’s production capacity.
Broderick’s sells a range of confectionery bars, treats and cakes under the “Broderick’s”, “The Irish Flapjack Company” and “Ina’s Handmade Foods” brands. The products include healthy, gluten-free and indulgent options.
The investment will also enable Broderick’s to increase international sales and distribution, and to fund new product development innovations. The company also plans to increase its workforce from 100 employees to 140 by 2022.
Announcing the fund’s investment in Broderick’s, Investment Director of The BDO Development Capital Fund, Andrew Bourg, who has joined the Broderick’s Board, said: “Broderick’s is a first for the Fund in terms of it being both a food company as well as a family owned venture both of which are focus areas for the Fund. It is one of many Irish family-run food companies that are export-focused with ambitious growth plans.
“We are delighted to be partnering with Barry and Bernard to assist them achieve their exciting international expansion plans. Broderick’s is a tangible example of an Irish family-run company applying continuous product development and innovation combined with modern management to achieve solid growth and international success.
Barry and Bernard have demonstrated real ambition in taking on external funding to assist them accelerate the growth opportunities. We look forward to assisting them achieve further international export-led growth.”
Barry Broderick commented: “We are extremely enthusiastic about what Broderick’s can achieve with this investment and expansion. We have ambitious expansion plans and we are now positioned to implement them. We can also now tap into the expertise that comes with The BDO Development Capital Fund and the support of the Fund’s advisory panel.” He also acknowledge Enterprise Ireland for their “continuous support through our international development.”
Enterprise Ireland CEO, Julie Sinnamon, commented: “Enterprise Ireland has worked closely with Broderick’s over the past number of years, helping the company to develop their manufacturing capabilities and supporting them to innovate and expand into overseas markets with 40 new jobs created last year.
“It is a great pleasure to announce this latest investment by Enterprise Ireland and the BDO Development Capital Fund which will progress the business’s global ambition, resulting in a further 40 jobs here in Ireland. Enterprise Ireland will continue to work with the company as they continue to build their brand and scale in new markets.”
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