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The BDO Development Capital Fund Perigord Exit

16 March 2021

The BDO Development Capital Fund exits Perigord as Company Increases It’s Valuation By In Excess of 400% During the term of the Investment Partnership

The BDO Development Capital Fund is pleased to announce its exit from Perigord Asset Holdings Limited as part of a majority stake investment in Perigord by Tech Mahindra (NSE: TECHM) for an undisclosed sum. Perigord’s management team, led by CEO Alan Leamy, will stay-on as part of the transaction.

Sinead Heaney, Co-founder of the BDO Development Capital Fund and successor fund, Development Capital Fund II, said “During the investment term we have contributed to Perigord increasing it’s valuation by over 400%, helping the company to grow and develop into an international leader in its field. In the process we have really enjoyed our time working with Alan, Paul and the rest of the Perigord management team We wish Perigord and its partners success with their continued future growth”.

Alan Leamy, CEO of Perigord, said: “We are excited and looking forward to joining forces with the Tech Mahindra family as this partnership is the perfect mix of scale, technology, expertise and timing that will enable the company to continue our journey as the world’s leading provider in pharmaceutical labelling, artwork and workflow solutions. Both companies’ future ambitions and desires to digitally transform the world of Pharmaceutical packaging services will deliver long term innovative solutions to our clients that will future proof their needs over the next ten years.

Highlights of Development Capital Investment Term in Perigord

In February 2016, The BDO Development Capital Fund made a €2.4 million investment in Perigord to accelerate and support its international expansion plans. Following a period of significant growth and new contract wins, the Fund invested a further €3 million in Perigord in June 2017 to fast-track the development and market penetration of the Company’s artwork management software solution, GLAMS. Following the Tech Mahindra transaction, both of the Fund’s investments in Perigord will be realised.

During the term of the Fund’s investment, the company achieved milestones of:

  • In excess of a c. 4x increase in company valuation over the Fund’s investment term.
  • Revenue growth of c. 2.7x and the addition of c. 270 employees across the Company;
  • Significant new contract wins with high-profile clients in the Life Science sector;
  • Completion of two acquisitions, one in the US and one in Germany; Significant margin expansion; and

The successful exit of the BDO Development Capital Fund from Perigord reinforces the unique approach of the BDO Development Capital Fund and its successor fund, Development Capital Fund II.

The Fund’s investment in Perigord is evident of how the Fund supports high calibre, ambitious, determined management teams by providing not only the funding to achieve their growth plans, but also actively supporting management teams post investment to assist them as they exploit and maximise their growth opportunities.

The Fund engages in a relationship driven approach to Investee Companies as it provides value add expertise. The BDO Development Capital Fund is supported by a number of major Irish Corporates who have not only committed funding but also their international experience.

Perigord is the fifth exit for the Fund achieving a significant return for the Fund’s investors.


Established in 1997, Perigord has grown through organic growth and strategic acquisitions to be a global leader in Life Science artwork management sector. The Company currently has over c. 400 employees across its offices in Dublin, the US, India and Germany.

Perigord’s principal activity is the provision of end-to-end packaging supply chain solutions to Life Science companies that assist them to design, manage and deliver their packaging, marcoms and digital assets; optimising their digital supply chain.

About BDO

BDO is the leader in advising and funding ambitious Irish businesses, helping them to grow in domestic and international markets. BDO’s global reach and expertise is built on exceptional client service, a collaborative and inclusive culture and a passion to succeed for its clients.

With offices in Dublin, Limerick, Cork and an affiliate office in Belfast BDO takes an active interest in clients' businesses working closely as business advisers, not just as accountants, auditors or taxation specialists.

Its experienced team of chartered accountants offer a range of services including audit, corporate finance, taxation and consulting ensuring delivery of an integrated business advisory solution for all clients.

About Development Capital

Development Capital is an Irish development and growth capital fund manager founded in 2013 by Andrew Bourg and Sinead Heaney. It provides development and growth capital ranging from €2-12 million to Irish SMEs which have significant growth opportunities, primarily in export markets which require growth funding to unlock or accelerate.

Development Capital manages two funds, The BDO Development Capital Fund (a €75 million fund established in 2014) and Development Capital Fund II (a €75 million (first close) fund established in 2020). Development Capital has a track record of partnering with Irish SME management teams to assist them unlock and accelerate their growth potential. From 2014 to 2019, the BDO Development Capital Fund successfully invested in 9 investee companies throughout Ireland.

To date the BDO Development Capital Fund has successfully exited from five investees - Version 1, Lifes2Good, Netwatch, Blueface and Perigord. The continuing BDO Development Capital Fund investees are ATA Group, Broderick’s, Multihog and Obelisk. The capital sources for BDO Development Capital Fund include Enterprise Ireland, Bank of Ireland, CRH plc, Glanbia plc, and Glen Dimplex.

The capital sources for Development Capital Fund II include the European Investment Fund (EIF), the Ireland Strategic Investment Fund (ISIF) and Bank of Ireland.

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