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BDO DEVELOPMENT CAPITAL FUND LEADS A €7 MILLION INVESTMENT ROUND IN DUNDALK-BASED MULTIHOG LIMITED

18th December 2017

Multihog Investment

Left to right: Anthony O’Driscoll, Investment Director, Development Capital, Jim McAdam, Managing Director, Multihog Limited, Andrew Bourg Investment Director, Development Capital and Gerry McHugh, Technical Director, Multihog Limited.

  • Investment to drive Multihog’s continued global expansion in overseas markets and continued development of the company’s innovative multi-purpose tractor.
  • 40 additional jobs to be created over 5 years
  • Investment is the ninth to date by the BDO Development Capital Fund

Announcing its ninth investment to date, the BDO Development Capital Fund is leading a €7 million equity investment in Multihog Limited, which includes €1 million of EIIS funding from the Davy EIIS Fund as well as new investment from the existing Multihog shareholders which includes Enterprise Ireland.

Established by Jim McAdam in 2008, Multihog is an innovative Company, which designs and manufactures a range of multi-purpose tractors used for a variety of tasks including, for example, snow ploughing, weed control, street cleaning, grass mowing and patch planing. The €7 million equity investment will be used to accelerate Multihog’s international expansion plans through Europe and North America as well as the continued development of new product lines.

Multihog is led by Jim McAdam (Managing Director) and Gerry McHugh (Technical Director). The company currently has 50 highly-skilled employees in production, R&D, sales and marketing operating from its headquarters in Dundalk. It plans to increase this number to around 90 by 2023 to service its markets across the globe.

The project is supported by the Department of Jobs, Enterprise and Innovation through Enterprise Ireland’s investment in the BDO Development Capital Fund.

As part of the investment, Multihog Limited welcomes Andrew Bourg, Investment Director of The BDO Development Capital Fund to their Board.

Announcing the investment, Andrew Bourg, Investment Director of the BDO Development Capital Fund and Director of BES Management which manages the Davy EIIS Funds, said: “On behalf of both The BDO Development Capital Fund and the Davy EIIS Fund, we are delighted to be partnering with an ambitious company, led by a driven, experienced and successful management team. Both the BDO Development Capital Fund and the Davy EIIS Fund are backing the Multihog team to accelerate their international expansion plans. Multihog is a prime example of an indigenous, highly innovative, export-focused company that is primed for worldwide success based on class-leading products manufactured in Ireland. We look forward to working with Jim and Gerry to fulfil Multihog’s growth potential.”

Multihog Limited Managing Director, Jim McAdam, commented:

“We at Multihog Limited are looking forward to beginning our journey with the BDO Development Capital Fund and are excited by the knowledge and experience Andrew and his team will bring to our company. With this round of investment, which is also backed by Enterprise Ireland and our current shareholders, we are committed to focusing our efforts on expanding into new markets across the globe, and on scaling up our production to match demand. I would like to thank the Grant Thornton corporate finance team and the Byrne Wallace legal team for their excellent advice provided throughout the process.”

Enterprise Ireland, Executive Director of Global Business Development, Kevin Sherry commented,

“Ireland’s manufacturing sector represents a significant number of successful indigenous businesses, particularly regionally, and it is great to see those companies with the ambition to scale internationally being supported to do so. Their growth has a hugely positive impact within their regions and surrounding areas, in particular due to jobs created locally. Enterprise Ireland’s investment in the Development Capital Funds was designed to support these types of companies with global ambition, and to help drive their expansion in international markets. We look forward to continue working with Multihog and wish them success on the next step in their business journey.”

Eversheds and KPMG acted for The BDO Development Capital Fund while Multihog were advised by Grant Thornton and Byrne Wallace.