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developmentcapital.ie

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Investments

10

Portfolio Exits

3

Funds

1

About BDO Development Capital Fund

The BDO Development Capital Fund is a fund aimed at investing development and growth capital in established, mid-sized and profitable companies to support and accelerate their export growth plans.

BDO Development Capital Fund Headquarter Location

Beaux Lane House Mercer Street Lower

Dublin, 2,

Ireland

+353 1 470 0500

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Latest BDO Development Capital Fund News

Tech Mahindra Paying €20m Upfront For Perigord

Mar 21, 2021

Tech Mahindra Paying €20m Upfront For Perigord 18 Mar 2021 | 09.38 am Tech Mahindra Paying €20m Upfront For Perigord More to come for Leamys in the earnout 18 Mar 2021 | 09.38 am Share Indian multinational Tech Mahindra has acquired control of Perigord Life Science Solutions from founders Alan Leamy (55) and Paul Leamy (58) and company investors. Perigord provides packaging, artwork and labelling services for the pharmaceutical industry. The company, which is active in Ireland, India and elsewhere, had turnover of €19.5m in 2020. Tech Mahindra is paying the selling shareholders €21m upfront for 70% of the Perigord equity. Them deal calls for a four-year earnout for the remaining 30% of the Perigord equity linked to financial performance. Tech Mahindra  employs almost 125,000 people globally and is valued at $5 billion. As part of the deal, Perigord will take charge of Tech Mahindra’s design and packaging centre in Hyderabad, which will be integrated into Perigord’s global network. Perigord chief executive Alan Leamy (pictured) said: “We are looking forward to joining forces with the Tech Mahindra family as this partnership is the perfect mix of scale, technology, expertise and timing that will enable the company to continue our journey as the world’s leading provider in pharmaceutical labelling, artwork and workflow solutions. “Both companies’ future ambitions and desires to digitally transform the world of pharmaceutical packaging services will deliver long-term innovative solutions to our clients that will future proof their needs over the next ten years.” Perigord has a complicated corporate structure. Perigord Premedia Ltd was incorporated in 1997, with Paul Leamy becoming a director in 1999 and Alan Leamy becoming a director in 2002. Locarno Investments Ltd, the holding company for multiple Perigord operating companies, reported turnover of €13.8m in 2018. According to Tech Mahindra, revenue increased to €16.8m in 2019 and then €19.5m last year. Perigord’s expansion was fuelled with finance from the BDO Development Capital Fund, which invested €2.4m in February 2016. BDO followed on in 2017 with €3m in the form of convertible redeemable preference shares with a funding cost of 12% p.a. BDO was due to be paid back by June 2022. Perigord is the fifth exit for the BDO fund, achieving a “significant return” for the fund’s investors, according to BDO’s Sinéad Heaney. “The fund’s investment in Perigord is evidence of how the fund supports high calibre, ambitious, determined management teams by providing not only the funding to achieve their growth plans, but also actively supporting management teams post investment to assist them as they exploit and maximise their growth opportunities,” Heaney added.

BDO Development Capital Fund Investments

10 Investments

BDO Development Capital Fund has made 10 investments. Their latest investment was in Spotlight Oral Care as part of their Private Equity - III on July 7, 2021.

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BDO Development Capital Fund Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/7/2021

Private Equity - III

Spotlight Oral Care

$14.2M

Yes

1

12/17/2017

Private Equity

Multihog

$8.26M

Yes

1

8/9/2017

Private Equity

Westway Health

$2.94M

Yes

1

3/6/2017

Private Equity

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$99M

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10

3/1/2017

Private Equity

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$99M

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10

Date

7/7/2021

12/17/2017

8/9/2017

3/6/2017

3/1/2017

Round

Private Equity - III

Private Equity

Private Equity

Private Equity

Private Equity

Company

Spotlight Oral Care

Multihog

Westway Health

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Amount

$14.2M

$8.26M

$2.94M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

1

1

1

10

10

BDO Development Capital Fund Portfolio Exits

3 Portfolio Exits

BDO Development Capital Fund has 3 portfolio exits. Their latest portfolio exit was Perigord on March 15, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

3/15/2021

Corporate Majority

$991

11

00/00/0000

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10

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10

Date

3/15/2021

00/00/0000

00/00/0000

Exit

Corporate Majority

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Companies

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Valuation

$991

Acquirer

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Sources

11

10

10

BDO Development Capital Fund Acquisitions

1 Acquisition

BDO Development Capital Fund acquired 1 company. Their latest acquisition was Nomadic Dairy on November 05, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

11/5/2021

Acq - Fin

$991

Acq - Fin - II

3

Date

11/5/2021

Investment Stage

Acq - Fin

Companies

Valuation

$991

Total Funding

Note

Acq - Fin - II

Sources

3

BDO Development Capital Fund Fund History

1 Fund History

BDO Development Capital Fund has 1 fund, including BDO Development Capital Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

3/9/2016

BDO Development Capital Fund

Expansions & Growth

$82.58M

1

Closing Date

3/9/2016

Fund

BDO Development Capital Fund

Fund Type

Expansions & Growth

Status

Amount

$82.58M

Sources

1

BDO Development Capital Fund Team

1 Team Member

BDO Development Capital Fund has 1 team member, including current Managing Director, Sinead Heaney.

Name

Work History

Title

Status

Sinead Heaney

Managing Director

Current

Name

Sinead Heaney

Work History

Title

Managing Director

Status

Current

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