Confectioner Broderick’s raises €6.3m to fund expansion
Investment, co-funded by BDO Development Capital Fund, will also create 40 new jobs
Broderick’s employs 100 staff at its Walkinstown base in Dublin
Family-owned confectioner Broderick’s has raised €6.35 million through the State-backed BDO Development Capital Fund to fund further international expansion.
The company, which employs 100 staff at its Walkinstown base in Dublin, sells a range of confectionery bars and cakes under the Broderick’s, The Irish Flapjack Company and Ina’s Handmade Foods brands.
It plans to double turnover by 2022 through further international expansion, increased production capacity and new product development. The expansion will also see the creation of 40 additional jobs over five years.
The investment is being co-funded by BDO Development Capital Fund, along with Enterprise Ireland and bank funding.
The fund is a €225 million fund aimed at mid-sized Irish companies with growth potential, funded by the Government and the private sector.
BDO’s investment director Andrew Bourg 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,” he said.
Co-founder Barry Broderick said: “We have ambitious expansion plans and we are now positioned to implement them.”
Enterprise Ireland chief executive Julie Sinnamon said her agency would continue to work with the company as they continue to build their brand and scale in new markets.