40 additional jobs at Dundalk based Multihog Limited to be created
40 additional jobs are to be created over five years at Dundalk based Multihog Limited, thanks in part to a €7 million investment round, led by the BDO Development Capital Fund, it has been announced today.
Announcing its ninth investment to date, the BDO Development Capital Fund is leading the 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 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 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.”
Subscribe or register today to discover more from DonegalLive.ie
Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.
Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.