Beechbrook Capital’s Ireland SME fund completes first investment and appoints chairman
25 November 2019 - Beechbrook Capital, the leading SME private debt fund lender, has appointed Conor Molloy as chairman of its new Irish SME fund which has made its first investment in the Republic of Ireland. Beechbrook Capital Ireland SME I is providing a €7.5 million finance package for Bio-Medical Research Limited (BMR), a world leader in electrical muscle stimulation technology for the fitness and wellness sector.
The investment will support BMR, led by chairman Bernard Collins and chief executive Brian Sheehan, to broaden and deepen its market-leading product suite which includes the well-known Slendertone and Flex Belt range. Founded in 1969 with its headquarters in Galway, the company has established markets in Europe, Asia and North America.
David Merriman, co-head of Beechbrook Capital Ireland, commented: “This first investment in the fund underlines our excitement about opportunities in the Irish market. We have enjoyed getting to know the BMR team and look forward to working with them to develop the growth potential of this indigenous Irish success story.”
Commenting on the investment, BMR’s Bernard Collins said: “We are delighted to partner with Beechbrook on the eve of an immensely exciting growth period for our company. The finance package will enable us to bring the range of consumer products we are developing successfully to market in late 2020.”
BMR was advised by DC Corporate Finance and Maples Solicitors. Beechbrook Capital was advised by Ronan Daly Jermyn Solicitors and Gilroy Gannon Chartered Accountants.
Appointment of Conor Molloy
Beechbrook Capital Ireland’s new chairman, Conor Molloy, has significant experience in banking, audit and governance in the Republic of Ireland, and brings an extensive network of contacts in the professional and business communities to the team. He is currently board and council member of the Irish Fund Directors Association and is a former director of the Promontory Financial Group.
Nick Fenn, managing partner of Beechbrook Capital, noted: “We are pleased to welcome Conor to the team in Ireland. His wealth of expertise and experience will be invaluable as we develop our Irish fund strategy.”