Posted on Saturday 9 March 2013 by Ulster Business
Damien McGrane, Managing Director of Takker, demonstrates his product to David McCurley, Senior Investment Manager at WhiteRock Capital Partners.
Formed in 2009, Takker Ltd is the manufacturer of the 'Takker', a DIY device for hanging pictures, mirrors and many other household objects in seconds, designed by Managing Director Damien McGrane.
The product range is manufactured and distributed from Belfast, supported by a range of local firms. Takker's key service partner is Denroy Plastics Ltd, Bangor which produces and assembles the component parts.
The firm, which shot to fame in the 2009 series of the hit show 'Dragon's Den' said the investment - the size of which was not disclosed - will allow it to promote its product line into new markets, develop its e-commerce offering and further develop its product portfolio.
Damien McGrane said: "We were an investment winner on the Irish Dragon's Den, and as a direct result, we secured a contract to sell in forty Woodies DIY stores across Ireland.
"The Takker is an ingenious DIY device and with the demand we have seen in the market, we want to continue creating original and creative products, which is why we approached WhiteRock Capital Partners to allow for support to finance this further development."
The company is among the first of 20 companies to have already secured approval for investment from the new Fund, which launched in June 2012 and commenced its investment period from September 2012.
Finance for the £50M Growth Loan Fund – which provides mezzanine finance to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC).
A Belfast-based team of specialist advisors, WhiteRock Capital Partners LLP, has been established to respond to enquiries to the Fund by the consortium of three partners – Braveheart Ventures Limited; NEL Fund Managers and Clarendon Fund Managers, all of which are authorised and regulated by the FSA.
Paul Millar, Chief Investment Officer of WhiteRock Capital Partners said: "Takker Ltd displays strong creativity and is underpinned by a very solid ethos for innovation – essential for any business seeking to grow in today's challenging economic climate. With the growth capital we have provided, we are glad to have supported this inventive firm's progress. WhiteRock Capital Partners welcomes applications from similar ambitious SMEs in Northern Ireland who are seeking to grow."