Innopharma Education & Technical Services has secured a “significant” investment from growth fund MML as the education specialist targets substantial growth.
The investment, the value of which was not disclosed, is being made from MML’s Ireland Fund II - a €145 million fund that typically makes investments between €5 million and €20 million in size - alongside Innopharma’s founder Dr Ian Jones and the management team.
Innopharma, which was founded in 2009 and employs 130 people, develops high-tech manufacturing talent. Through its educations services division, it provides courses nationwide, with a focus on increasing and refreshing skills of those entering or working in the pharmaceutical, medtech, and food and beverage manufacturing sectors.
“Given the skills required to support advanced manufacturing both in Ireland and internationally and the commitment of governments to support lifelong learning, the up-skilling and re-skilling education sector continues to expand apace,” said Innopharma’s founder Dr Ian Jones. “This creates market opportunities for well positioned and invested businesses, such as Innopharma.”
The Sandyford-headquartered company also provides contract expertise to businesses in the pharmaceutical and medtech industries through its technical services division, which was launched in 2017. Innopharma is on track for revenues of €15 million across both units in the year to June 30th.
“We feel [MML is] the right partner to complement the existing team and look forward to working with them to continue our Irish and international growth,” said Luke Kiernan, Innopharma’s managing director of technical services.
The company has plans for further growth in the next four years, doubling employees to more than 260. That will be supported by the MML partnership, Dr Jones said.
The deal is MML’s 20th primary investment in its 10-year history. The company was established in 2013 with a €125 million fund and made its first investment shortly afterwards with a stake in Lowe Rental. The company later made a number of investments that ranged from publishing and insurance toi courier companies and communications firms.
“Innopharma has a clear reputation in supporting critical skills development that are crucial to Ireland’s FDI manufacturing strategy. Developing the national pool of skilled talent is mission critical for continued investment in Ireland,” said MML’s Chris Walsh.
The investment is subject to approval from the competition authorities.