Search British Business Investments
Popular Search placeholder

MML Ireland Announces Close of €135 Million Private Equity Fund Raised for Investment in Irish SMEs

Press release 16 March 2021

MML Growth Capital Partners Ireland (“MML Ireland”) announces today that it has successfully closed its second private equity investment fund at €135 million.

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 €125 million since its inception.

We are very pleased to have raised €135 million 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.

- 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 €15 million 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.

- Neil McGowan

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.

- Judith Hartley CEO, British Business Investments

Further Information

Notes for editors

About MML Ireland

MML Ireland is a private equity firm with funds dedicated to backing ambitious owners and managers of small and medium-sized private businesses with a significant presence on the island of Ireland to reach the next stage of their evolution, maximising growth opportunities at home and abroad. It provides capital to businesses for expansions, acquisitions, shareholder re-organisations, re-capitalisations and management buy-outs. MML Ireland creates bespoke deals in response to unique opportunities recognising that while the challenges facing businesses are sometimes similar, the specific details are never the same.

To date, MML has made a total of 15 investments through its Fund 1 and Fund 2 in a range of businesses across a variety of sectors, taking both minority and majority positions. Current portfolio companies include: EES, RelateCare, Ashdale Care, Travel Department, Schivo, Prim-Ed Publishing, Agenda Communications, SONAS Bathrooms, Innovu Insurance, Fastway Couriers, Irish HomeCare and Kyte Powertech. Over the past three years, MML Ireland has successfully exited its investments in Lowe Rental, H&MV Engineering and IdentiGEN.

MML Ireland is a member of the MML Capital group based in London. Rory Brooks, MML group Chairman said “We are delighted that MML Ireland has raised its second fund thereby providing additional growth capital for the Irish market. The new fund is testimony to the success of our Dublin partners with the first fund and reinforces our stated commitment to the Irish market.”

Latest news