IdentiGEN’s principal product, the DNA TraceBack® traceability system, provides food retailers, processors and producers with the capability to identify and trace the source of food products through the entire supply chain. The investment from MML will facilitate the next phase of IdentiGEN’s ambitious growth plans.
Ciaran Meghen, Managing Director of IdentiGEN, said:
“This investment from MML Ireland comes at an exciting time for our business as we open up new markets and opportunities for our DNA TraceBack product. We are very happy to be working with MML Ireland. They have great experience of supporting management teams growing value in their businesses and we look forward to implementing our growth plans with their support.”
The MML Ireland investment was made through MML Growth Capital Partners Ireland, a €125 million fund supported by Enterprise Ireland, AIB and a number of international institutional investors. The fund is dedicated to backing small and medium sized private businesses located on the island of Ireland.
Neil McGowan who led the deal on behalf of MML Ireland commented:
“MML Ireland is delighted to be partnering with the IdentiGEN management team which has developed a significant business at the forefront of the food traceability industry. We are very much looking forward to working with the team to help achieve IdentiGEN’s next phase of growth.”
Maples & Calder (legal) and Grant Thornton (due diligence) acted for MML Ireland. IdentiGEN were advised by BDO Corporate Finance (financial) and Mason Hayes & Curran (legal).