Gael Form Raises €4m Using EIIS

01 Jan 2018 | 11.20 am

Gael Form Raises €4m Using EIIS

Capital sourced from Goodbody EIIS Funds

01 Jan 2018 | 11.20 am

Gael Form, a construction formwork supplier, said it has secured over €4 million in equity funding through the Employment and Investment Incentive Scheme (EIIS), advised by Duff & Phelps.

Gael Form is expanding its operations in Ireland, the UK and Europe and the funds raised will be used to increase inventory levels.

An allotment document dated 1 December 2017 details a share issue in Gael Form Ltd that raised €2,123,000 from First Names Trust, a Shannon-based conduit for EIIS fund investments.

Established in 2012 in Trim, Co Meath, Gael Form specialises in the sale and refurbishment of all types of formwork systems.  “This deal marks a milestone for our company as we begin to execute our growth strategy,” said CEO Colm Griffin. “This investment will allow us to add significant capacity and build out our existing customer network.”

Services offered by the Gael Form include formwork refurbishment, formwork hire and scaffolding hire, alongside a dedicated design engineering service which provides complete project-specific planning expertise to clients in the UK and Europe.

Gael Form, where the directors are Audrey Griffin and Charlie McCarron, booked a net profit of €650,000 in the year to June 2016. Debtors nearly doubled in 2015/16 to €2.4m and year-end bank debt was €1.75m. Employment expanded from 19 to 26 people and the two directors shared €120,000 in pay and pension remuneration.

Duff & Phelps brokered the deal on behalf of Gael Form, attracting capital from the Goodbody EIIS Funds, a joint venture between Goodbody and Baker Tilly Hughes Blake.

Aidan Flynn, Director at Duff & Phelps, commented: “Raising capital for relatively new businesses is always a struggle and it can be difficult to attract funding from the right investors. Gael Form has proven its strength in the market and its trajectory for growth was a key selling point for investors.”

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