5 Apr 2016 07:00
BMS Finance launches €30m Irish SME debt fund
· Loan sizes will range from €500k up to maximum €5m
· New fund will target all sectors of the market
· BMS to open Dublin office to support new fund
· Fund launch follows successful ongoing partnership with British Business Bank
BMS Finance, a UK-based SME finance specialist and a subsidiary of GLI Finance (GLIF) is pleased to announce the launch of a dedicated €30 million fund to provide growth capital to SMEs in the Irish market.
The fund, BMS Finance Ireland, will provide debt finance to high-growth Irish SMEs for working capital, contract wins, capital expenditure, acquisitions and MBOs. BMS Finance Ireland is backed by investors including GLIF who have a 40.7% interest and the Ireland Strategic Investment Fund. The Ireland Strategic Investment Fund (€7.8 billion) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity in Ireland. It is controlled and managed by the National Treasury Management Agency (NTMA).
BMS Finance Ireland will provide finance on a senior secured basis, without the need for personal guarantees or personal security. Loan sizes ranging from €0.5 million to €5.0 million will be considered with the focus on loans from €1.0 million to €3.0 million.
BMS focuses on supporting entrepreneur and owner managed businesses but will also look at venture capital or private equity backed businesses. The fund will be sector agnostic but will not be seeking property or property development investments.
BMS has been backing Irish SMEs since inception in 2005 but is delighted to announce the launch of its first dedicated fund to support the financing needs of Irish companies. BMS Finance Ireland will complement BMS's existing UK fund which is backed by the British Business Bank and provides similar finance to UK based SMEs. BMS intends to open an office in Dublin to support the new fund and has identified a number of key hires which will be announced in the near future.
BMS Finance Ireland will be headed up by Shane Lanigan, who has over 25 years credit investment experience and was part of the management buyout (MBO) of BMS in 2012. The management team's MBO vehicle will be investing directly into the fund alongside GLI Finance Limited and GLI Alternative Finance plc.
Shane Lanigan, Director of BMS Finance, commented:
"Following on from the expansion in December 2015 of our UK based fund, expansion into the Irish market was the next logical step given our historic experience of investing directly into Irish SMEs. This funding will allow BMS to significantly expand our lending capacity to high growth Irish SMEs. "
Contacts
GLI Finance Limited
Andy Whelan
+44 (0)1534 708900
BMS Finance
Shane Lanigan
+ 44 (0) 207 092 6711
Panmure Gordon (Nominated Adviser and Corporate Broker)
Dominic Morley
+44 (0)20 7886 2954
Peter Steel
+44 (0)113 357 1152
Charles Leigh-Pemberton
+44 (0)20 7886 2906
Instinctif Partners (PR Advisor)
Tim Linacre/Nick Woods
+44 (0)207 457 2020
About British Business Bank
British Business Bank Investments Limited is the commercial arm of the British Business Bank. It aims to earn a commercial return by investing through providers of finance to smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any advantage from the government.
British Business Bank Investments Limited is a wholly owned subsidiary of British Business Bank plc, the UK government's economic development bank. Neither entity is authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
The Business Finance Guide, jointly published by the British Business Bank and the ICAEW, is a unique guide that sets out the full range of options available for smaller businesses looking to raise finance and offers advice to help companies plan for growth.