Background
- At the Company’s AGM on
27 June 2024 , Shareholders approved an expanded Irish strategy which included the investment in and support of Irish SMEs (the “Expanded Strategy”). - The Company is currently undergoing a name change to
Mashup Ireland AB which reflects this expanded strategy.
Acquisition of
- The Company acquired 10% of
MFC Foods Limited fromMashup Savings Group Limited (“MSGL”). There was no consideration for this shareholding, as the shares were gifted to the Company from MSGL (which owns 84% of the Company). This is represented by 6 shares. - MSGL gifted the shares to the Company to support the acceleration of the Company’s plans to become a significant value-added investor in Irish SMEs.
- The Company subscribed
EUR 75k (approx.SEK 852k ) for new ordinary shares in MFC, increasing the Company’s MFC shareholding to 19.5%. - The Company entered into a consulting agreement with MFC which will generate
EUR 75k (approx.SEK 852k ) of fee income for the Company over the next 3 years. As part of an incentive arrangement, the Company has agreed that its MFC shareholding will reduce by 5% when the Company receives the fullEUR 75k consulting fees in accordance with the fee payment schedule that has been agreed. - The consultancy agreement will cover strategic business advisory services and the provision of financial advisory services.
Support of MFC’s acquisition of
- The Company provided MFC (now a portfolio company of the Company’s) with a short-term loan of
EUR 295k (approx.SEK 3.3m ) to support MFC’s completion of the acquisition ofOld Mill . - MFC now owns 100% of
Old Mill . - The short-term loan of
EUR 295k was repaid in full, after the acquisition was completed. - The combined businesses will be led by CEO
Danny Buckley and supported by successful entrepreneurs who have experience building and scaling profitable SMEs withinIreland .
About the companies
With a 40-year history in
Dessert First is a scratch bakery based in
For the last 12-month period of accounts for each of the two businesses, there were combined revenues of
Comment from the Board
We are delighted to announce these transactions and look forward to further supporting Danny and his team with the exciting growth plans for
These Irish SME transactions are excellent examples of the execution of the Expanded Strategy that was approved by the Shareholders in June.
We acquired an interest in an Irish SME and then used our financial resources and transactional experience to support that SME to acquire a highly complementary SME, approximately four times its size.
We look forward to the continued growth of the Company by supporting more talented and hard-working SME management teams with value-creating opportunities like these.
The Board of Directors
For additional information, please contact
Phone: [+353] 85 871 9756
E-mail: jamie@kollect.ie
Kollect on Demand Holding AB’s Certified Adviser is Mangold
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