Development Capital invests in Wogan Build Centre
Development Capital invests in Wogan Build Centre
This marks the 12th investment by Development Capital and brings the total value of its investments in Irish SMEs so far to over €90m.
Today's investment in Wogan Build Centre is the third by the Development Capital Fund II, a €75m fund, which has now invested over €25 million, approximately one third of its value.
The other two companies it has invested in are Spotlight Oral Care and Nomadic.
Wogan Build Centre provides building and home improvement materials to specialist contractors, general trade and retail customers throughout Leinster.
It has a workforce of 81 people in Drogheda and reported revenues of €36m.
As part of the investment, Fran Stafford, Investment Director at Development Capital, will join the company's board with Andrew Bourg, co-founding partner of Development Capital, joining as an observer.
Derek Wogan, Managing Director Wogan Build Centre, said the investment by Development Capital is an important milestone for the company as it enables it to take the development of the business to another level through acquisitions, following significant organic growth in recent years.
"We are thrilled to be working with a team that supports SMEs like us with both capital and expertise and we welcome Fran to our board," he added.
Andrew Bourg, co-founding partner of Development Capital, said that Wogan Build Centre is the company's 12th investment to date, and 8th outside Dublin.
"From our diligence and research, we see strong market trends supporting the organic and acquisition growth plan including continuing demand for construction and renovation projects as well as a highly fragmented building merchant market, with the majority, over 80%, being independent stores," he said.
Pictured from left to right are Derek Wogan, Wogan Build Centre; Andrew Bourg and Fran Stafford from Development Capital; and Garrett Wogan, Wogan Build Centre. Photo from RTÉ.
Content adapted from RTÉ.