Family-owned confectioner Broderick’s has raised €6.35 million through the State-backed BDO Development Capital Fund to fund further international expansion.
The company, which employs 100 staff at its Walkinstown base in Dublin, plans on using the money to move manufacturing to a new factory here in Tallaght.
They sell a range of confectionery bars and cakes under the Broderick’s, The Irish Flapjack Company and Ina’s Handmade Foods brands.
It also plans to double turnover by 2022 through further international expansion, increased production capacity and new product development. The expansion will also see the creation of 40 additional jobs over five years.
Broderick’s is in its second generation of family ownership and headed up by brothers Barry and Bernard Broderick. Their mother Ina (pictured with the lads below) founded the company in 1984.
The investment is being co-funded by BDO Development Capital Fund, along with Enterprise Ireland and bank funding.
The fund is a €225 million fund aimed at mid-sized Irish companies with growth potential, funded by the Government and the private sector.
BDO’s investment director Andrew Bourg said:
“Broderick’s is a first for the Fund in terms of it being both a food company as well as a family owned venture both of which are focus areas for the fund.
“It is one of many Irish family-run food companies that are export-focused with ambitious growth plans.
Co-founder Barry Broderick said: “We have ambitious expansion plans and we are now positioned to implement them.”
Enterprise Ireland chief executive Julie Cinnamon said the agency will continue to work with the company as they build their brand and expand into new markets.