TheSundayBusinessPostInterview:PeteSmyth - Broadlake · look at our strategy for growth. Growth is...
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I t is not every day that you meet a man intent on investing e100 mil- lion in small Irish businesses, but that is precisely what Pete Smyth, chief executive of Broadlake Capital, plans to do. Smyth and his venture capi- tal operation have kept a re- markably low profile so far. Now, though, Smyth is keen to tell the world that he is ready and willing to open his cheque book and cut some deals. ‘‘We think there are lots of good businesses to invest in and, despite the fact that there are economic headwinds out there, we need to just get on with it,’’ he said. ‘‘A lot of good businesses were set up in the depths of the last recession and I think this will be the same this time around.’’ Broadlake has already backed some well-known names. The company bought water business Deep River- Rock from Coca-Cola in Janu- ary and has most recently taken a 47.5 per cent stake in tanning company Vita Libera- ta. In total, it has invested about e15 million over the past two years and is searching for com- panies which need e1 million to e10 million in exchange for giving Broadlake an equity stake in the business. ‘‘We realise SME lending is a whole debate in itself, but I think we bring more than capi- tal to the table,’’ said Smyth. ‘‘That differentiates us in the market: we’re not just passive capital investors.’’ The bulk of the money in the fund comes from the e90 mil- lion sale of cleaning company Noonan Services to Alchemy in 2008. Smyth is the son-in- law of company founder Noel Noonan. However, the fund may be opened up to bring in addi- tional investors, ranging from institutional investors to gov- ernment bodies. ‘‘‘We’re looking at a number of options over time in terms of scaling it up and taking in ex- ternal capital,’’ said Smyth. ‘‘In 2009, that made no sense. The market availability of ex- ternal capital just wasn’t there. Now we’ve established our- selves.’’ Broadlake has its origins in Wild About Water, a water cooling company which was spun out of Noonan Services in 2003. Now the company has investments in three sectors: food and beverage, services and consumer goods. When Broadlake was established in 2009, Wild About Water be- came one of its investments. Although the company does not chase distressed assets, the first business it bought was out of administration in Britain. Water business PowWow had been owned by Nestle¤ , but was sold on before falling into the hands of administrators. Smyth said Broadlake imme- diately turned around the busi- ness by selling off part of it to a trade buyer. Smyth is keen to differenti- ate Broadlake from traditional equity funds. ‘‘We have a much longer time horizon,’’ he said. ‘‘As businesses grow and develop, we will continue to invest and work with the teams. ‘‘We don’t have to say we’ll need our money back in three years, because that is very, very difficult for an SME.You don’t know what speed bumps you are going to hit along the road ^ who knows what the macro- economic climate can bring? ^ and you need to have the flex- ibility to make the decisions. ‘‘In public companies, shareholders effectively want to see performance on a six- monthly or quarterly basis ^ that restricts companies’ ability to make a long-term invest- ment. In the businesses we work with, it’s all about sus- tainability. How do you invest in things which will grow, cre- ate employment and create va- lue for the shareholders?’’ Smyth wouldn’t reveal how much Broadlake has invested in the various businesses in which it has become involved, saying only that e1 million to e10 million was the parameter it set itself. ‘‘All of the investments we have made to date have been in that category, albeit on the lower end of that scale,’’ he said. ‘‘More of them have been in the e1 million to e5 million range.’’ Other acquisitions include a coffee business which it bought directly from Nestle¤ and a washroom service business called Lady Matters. Overall, Smyth is upbeat about the prospects for Irish businesses, although he would like to see more state support for SMEs. ‘‘We talk to SMEs every day and they are so worldly in their outlook; that wasn’t the case ten or 15 years ago,’’ said Smyth. ‘‘They are talking about opportunities in Asia and the US and jumping on planes like people jumped on planes to London ten years ago.’’ So what is Smyth looking for next? ‘‘If there’s a good business, but a bad balance sheet, that doesn’t bother us,’’ he said. ‘‘What we’re actually looking for is good businesses which require some investment to grow. We are looking for small businesses that are nimble, that can grow and develop, that are export orientated, that can grow and develop. ‘‘We look at the people very often before we look at the pro- duct or the service.You tend to have people who are very good at sales or products, but they might not have the finance or operations people in place. When we go into business, there is a team of eight of us (in Broadlake). ‘‘We’ve invested in 45 SMEs in about 12 sectors in the last 20 years or so.We’ve made a lot of mistakes and we’ve learned from those mistakes and we’ve had a decent number of successes.’’ Smyth said each investment opportunity was evaluated on its own merits. ‘‘Our approach is not a port- folio approach where we think some will work and some won’t and might die,’’ he said. ‘‘All the businesses we put money into are businesses we think will work and have a high chance to succeed. ‘‘SMEs are a pretty risky ca- tegory.You can’t just fly in from London and put e3 million into something and come back in a month.We do most of the work with these companies outside of a boardroom. ‘‘We’re not experts on every- thing, but as a team,we’ve been around the block enough that we know a little bit about a lot of things and enough to be dangerous.’’ But how are his investments holding up in the teeth of a re- cession? ‘‘All profitable, all revenue growing,’’ said Smyth. The recent investment in Vita Liberata appealed to Broadlake because it had high growth potential which was being limited by lack of access to capital. ‘‘It had done a great job in getting to where it was,’’ Smyth said. ‘‘It needed investment. It was growing rapidly and grow- ing too fast ironically for its debt provider, which was a non-Irish bank. It is now in 17 countries. This year the com- pany will double turnover. In terms of retail sales, it’s about e15 million this year.We are looking to bring that to e50 million in five years. ‘‘We came in to invest capital to support that. We’ve brought in Bank of Ireland as a funder for that business. The banks would be aware of our track re- cord, not just as passive inves- tors, but being operators, and that we can work with manage- ment teams and that de-risks their position because they know if there is a problem,we’ll be all over it in terms of re- sources and helping the com- pany work through it.’’ Smyth said SMEs were huge employers and that Ireland’s recovery should not be just based on life sciences and soft- ware companies. ‘‘Look at the Irish success stories,’’ he said. ‘‘We need to put more of a focus on the SMEs in terms of government support.We need to make sure money goes in companies which can be the next CRH and the next Kerry Group or Ryanair. Sometimes we lose a lot of ourselves trying to get into the sexy sectors.’’ TONY O’SHEA Pete Smyth Role: chief executive of Broadlake Capital Age: 37 Lives: Milltown, Dublin Hobbies: cycling, sail- ing and coaching under- 6s GAA Currently reading: Outliers by Malcolm Gladwell Family: married with three young sons Social media: on Twit- ter at @broadlakecap; on LinkedIn With e 100 million to invest in Irish SMEs, Pete Smyth of Broadlake Capital clearly believes in the strength of the Irish economy to survive and thrive As businesses grow and develop, we will continue to invest and work with the teams ’’ The Sunday Business Post Interview: Pete Smyth ‘‘ 1. Enterprise Ireland Every year, Enterprise Ireland picks out companies that it thinks could be ‘the next big thing’ to come out of the country. Through the high potential start- up (HPSU) fund,the agency puts its money where its mouth is by invest- ing in these companies. Qualifying as an HPSU can be tough, Enterprise Ireland must con- sider a company to be introducing a new or innovative product or ser- vice into the international market. The company must be less than six years old, headed by an experi- enced management team and, cru- cially, be deemed capable of creating at least ten Irish jobs and realising exports of at least e1 mil- lion within four years of its founda- tion. For firms which are not quite at the HPSU level, Enterprise Ireland provides the competitive start fund. The maximum support available is e50,000 for a 10 per cent ordinary equity stake. 2. National Digital Research Centre Launch Pad Anyone looking to set up a digital technology business based on their own research could look at contact- ing NDRC’s LaunchPad. Based at Dublin’s Digital Hub, the NDRC has worked with over 80 digital ven- tures to date. Run by Gary Leyden, the programme offers mentoring, a workspace and crucial micro-seed investment, normally around e20,000, over a 12-week tailored programme. 3. County and City Enterprise Boards Under the government’s action plan for jobs initiative, the local en- terprise boards won’t be around for much longer, although the details of how they are to be dissolved have still to be ironed out. Under proposals announced by the government last year, the work of the 35 local boards will be taken on by units in local authorities. A unit dedicated to small businesses will be set up in Enterprise Ireland. Cebs were established in 1993 to provide support for small busi- nesses with ten employees or fewer. They deal in smaller amounts than Enterprise Ireland and can suit some smaller local businesses look- ing to get off the ground. 4. Wayra Last month, Telefonica brought its digital investment programme to Ireland, investing in ten Irish start- ups.The programme received more applications per capita from Irish hopefuls than in any of the 11 other countries in which it operates. Each winner receives an invest- ment, in the form of a loan which converts to equity, of about e50,000 and six months’ access to a new Wayra Academy workspace in O2’s headquarters in Dublin’s dock- lands. 5. Ryan Academy’s Propellor programme The DCU-based Propeller Ven- ture accelerator was established in 2010 with funding of e1 million from Irelandia Investments, with an emphasis on software, Web 2.0, ap- plications, informatics and clean- tech start-ups. The three-month accelerator programme offers e30,000 invest- ment in exchange for a 7.5 per cent equity stake. Start-ups receive men- torship, free office space for four months and a service package with marketing, sales, legal, IP and ac- counting with corporate partners. 6. Business Angel Partnership Angel funding deals are facili- tated by the national Business An- gel Partnership and, in the past five years, have amounted to around e15 million,with the average investment of e180,000. The Business Angel Partnership, a joint initiative between Enterprise Ireland, Intertrade Ireland and the Irish Business and Innovation Net- work, favours seed investments. 7. AIB Seed Capital fund and Bank of Ireland Startup fund (Delta Partners) Established in 2007, the AIB Seed Capital Fund’s purpose was to pro- vide funding across a range of sec- tors. Part of the Enterprise Ireland and Venture Capital programme 2007 to 2012 plan, it has e53 million un- der management, comprising e30 million from AIB and e23 million from Enterprise Ireland. Another option is the e17 million fund managed on behalf of Bank of Ireland and Enterprise Ireland by Delta Partners. The fund targets investments in the range of e100,000 and e500,000. Both funds are coming towards the end of their investment cycle and are due to finish at the end of this year. Groups that give start-ups a helping hand Broadlake Capital is one company offering funding for young businesses. Philip Connolly takes a look at seven other supports for start-ups Tanning company Vita Liberata had been struggling to keep up with demand for its products when founder Alyson Hogg decided to bring in a new investor. ‘‘We realised we were hurtling so fast past ourselves that we couldn’t keep up. We needed to look at our strategy for growth. Growth is great, but as every- body knows who has every been in business, growth is expen- sive,’’ she said. ‘‘We needed to look for partners. We spoke to four companies and the offers were not dissimilar so it was really asking, from our perspective, who can bring the biggest smarts and that was Broadlake.’’ Selling the business was never an option for Hogg, who developed the self-tanning pro- duct seven years ago. Broadlake took a 47.5 per cent stake in the company, while Hogg has the same holding (another director holds the remaining stake). Hogg said keeping majority control was not important for her. ‘‘What’s important is to find a partner and lock arms and move on together,’’ she said. Vita Liberata, which has a high-profile deal with the X- Factor, has been selling in Boots for five years and has recently landed a deal to sell into upmarket beauty chain Sephora. ‘‘Apparently it’s really difficult, but we managed to get into Boots and then Sephora, which is highly selective,’’ she said. The company is based in the North. ‘‘When we look for business, we get it. One of our key fears was almost to go looking for business because we didn’t have the stock and the components,’’ said Hogg. ‘‘We are free now to go and capitalise on all the opportunities coming our way. We are being courted from all corners. We have people coming at us from Russia, America, South America, from every- where.’’ Since starting to sell in Sephora in March, Vita Liberata has become the fourth-biggest self tanning brand in Europe, and aims to move up to third or second place next year. Samantha McCaughren Vita Liberata capitalises on growth Alyson Hogg, founder of Vita Liberata TONY O’SHEA Samantha McCaughren See page 26 Talking Point: How tech start-ups can get moving n16 News Focus THE SUNDAY BUSINESS POST OCTOBER 14 2012
Transcript of TheSundayBusinessPostInterview:PeteSmyth - Broadlake · look at our strategy for growth. Growth is...
I t is not every day thatyou meet a man intenton investing e100 mil-l ion in small Ir ishbusinesses, but that isprecisely what Pete
Smyth, chief executive ofBroadlake Capital, plans to do.Smyth and his venture capi-
tal operation have kept a re-markably low profile so far.Now, though, Smyth is keen totell the world that he is readyand willing to open his chequebook and cut some deals.‘‘We think there are lots of
good businesses to invest inand, despite the fact that thereare economic headwinds outthere, we need to just get onwith it,’’ he said. ‘‘A lot of goodbusinesses were set up in thedepths of the last recessionand I think this will be thesame this time around.’’Broadlake has al ready
backed some wel l-knownnames. The company boughtwater business Deep River-Rock fromCoca-Cola in Janu-ary and has most recentlytaken a 47.5 per cent stake intanning companyVita Libera-ta.In total, it has invested about
e15 million over the past twoyears and is searching for com-panies which need e1 millionto e10 million in exchange forgiving Broadlake an equitystake in the business.‘‘We realise SME lending is
a whole debate in itself, but Ithink we bring more than capi-tal to the table,’’ said Smyth.‘‘That differentiates us in themarket: we’re not just passivecapital investors.’’Thebulkof the money in the
fund comes from the e90 mil-lion sale of cleaning companyNoonan Services to Alchemyin 2008. Smyth is the son-in-law of company founder NoelNoonan.However, the fund may be
opened up to bring in addi-tional investors, ranging frominstitutional investors to gov-ernment bodies.‘‘‘We’re looking at a number
ofoptions over time in terms ofscaling it up and taking in ex-ternal capital,’’ said Smyth.‘‘In 2009, that made no sense.The market availability of ex-ternal capital just wasn’t there.Now we’ve established our-selves.’’Broadlake has its origins in
Wild About Water, a watercooling company which wasspun out of Noonan Servicesin 2003. Now the company hasinvestments in three sectors:
food and beverage, servicesand consumer goods. WhenBroadlake was established in2009, Wild About Water be-came one of its investments.Although the company does
not chase distressed assets, thefirst business it bought was outof administration in Britain.Water business PowWow hadbeen owned by Nestle¤ , but wassold on before falling into thehands of administrators.Smyth said Broadlake imme-diately turned around the busi-ness by selling off part of it to atrade buyer.Smyth is keen to differenti-
ate Broadlake from traditionalequity funds.‘‘We have a much longer
time horizon,’’ he said. ‘‘Asbusinesses grow and develop,we will continue to invest andwork with the teams.‘‘We don’t have to say we’ll
need our money back in threeyears, because that is very,verydifficult for an SME.You don’tknow what speed bumps youare going to hit along the road^ who knows what the macro-economic climate can bring? ^and you need to have the flex-ibility tomake the decisions.‘‘In publ ic companies,
shareholders effectively wantto see performance on a six-monthly or quarterly basis ^that restricts companies’abilityto make a long-term invest-ment. In the businesses wework with, it’s all about sus-tainability. How do you investin things which will grow, cre-ate employment and create va-lue for the shareholders?’’
Smyth wouldn’t reveal howmuch Broadlake has investedin the various businesses inwhich it has become involved,saying only that e1 million to
e10 million was the parameterit set itself.‘‘All of the investments we
have made to date have beenin that category, albeit on the
lower end of that scale,’’ hesaid. ‘‘More of them have beenin the e1 million to e5 millionrange.’’Other acquisitions include a
coffee businesswhich it boughtdirectly from Nestle¤ and awashroom service businesscalled LadyMatters.Overall, Smyth is upbeat
about the prospects for Irishbusinesses, although he wouldlike to see more state supportfor SMEs.‘‘We talk to SMEs every day
and they are soworldly in theiroutlook; that wasn’t the caseten or 15 years ago,’’ saidSmyth. ‘‘They are talkingabout opportunities in Asiaand the US and jumping onplanes like people jumped onplanes to London ten yearsago.’’Sowhat is Smyth looking for
next?‘‘If there’s a good business,
but a bad balance sheet, thatdoesn’t bother us,’’ he said.‘‘What we’re actually lookingfor is good businesses whichrequire some investment togrow.We are looking for smallbusinesses that are nimble, thatcan grow and develop, that areexport orientated, that cangrow and develop.‘‘We look at the people very
oftenbefore we look at the pro-duct or the service.You tend tohave people who are very goodat sales or products, but theymight not have the finance oroperations people in place.When we go into business,there is a team of eight of us(in Broadlake).‘‘We’ve invested in 45 SMEs
in about 12 sectors in the last20 years or so.We’ve made alot of mistakes and we’velearned from those mistakesandwe’ve had adecent numberof successes.’’Smyth said each investment
opportunity was evaluated onits own merits.
‘‘Our approach is not a port-folio approach where we thinksomewillwork and somewon’tand might die,’’ he said. ‘‘Allthe businesses we put moneyinto are businesses we thinkwill work and have a highchance to succeed.‘‘SMEs are a pretty risky ca-
tegory.You can’t just fly in fromLondon and put e3 millioninto something and come backin a month.We do most of thework with these companiesoutside of a boardroom.‘‘We’re not experts on every-
thing,but as a team,we’vebeenaround the block enough thatwe know a little bit about a lotof things and enough to bedangerous.’’But how are his investments
holding up in the teeth of a re-cession?‘‘All profitable, all revenue
growing,’’ said Smyth.The recent investment in
Vita Liberata appealed toBroadlake because it had highgrowth potential which wasbeing limited by lack of accessto capital.‘‘It had done a great job in
getting towhere it was,’’ Smythsaid. ‘‘It needed investment. Itwas growing rapidly and grow-ing too fast ironically for itsdebt provider, which was anon-Irish bank. It is now in 17countries. This year the com-pany will double turnover. Interms of retail sales, it’s aboute15 million this year.We arelooking to bring that to e50million in five years.‘‘We came in to invest capital
to support that.We’ve broughtin Bank of Ireland as a funderfor that business. The bankswould be aware ofour track re-cord, not just as passive inves-tors, but being operators, andthatwe canworkwithmanage-ment teams and that de-riskstheir position because theyknow if there is aproblem,we’llbe all over it in terms of re-sources and helping the com-pany work through it.’’Smyth said SMEswere huge
employers and that Ireland’srecovery should not be justbased on life sciences and soft-ware companies.‘‘Look at the Irish success
stories,’’ he said. ‘‘We need toput more of a focus on theSMEs in terms of governmentsupport.We need to make suremoney goes in companieswhich can be the next CRHand the next Kerry Group orRyanair. Sometimes we lose alot of ourselves trying to getinto the sexy sectors.’’
TONY O’SHEA
Pete SmythRole: chief executive ofBroadlake CapitalAge: 37Lives: Milltown, DublinHobbies: cycling, sail-ing and coaching under-6s GAACurrently reading:Outliers by MalcolmGladwellFamily: married withthree young sonsSocial media: on Twit-ter at @broadlakecap;on LinkedIn
With e100million to investin Irish SMEs,Pete Smyth ofBroadlakeCapital clearlybelieves in thestrength of theIrish economyto survive andthrive
As businesses grow and develop,we will continue to invest andwork with the teams’’
The Sunday Business Post Interview: Pete Smyth
‘‘
1. Enterprise IrelandEvery year, Enterprise Ireland
picks out companies that it thinkscould be ‘the nextbig thing’ to comeout of the country.Through the high potential start-
up (HPSU) fund,the agency puts itsmoney where its mouth is by invest-ing in these companies.Qualifying as an HPSU can be
tough,Enterprise Irelandmust con-sider a company tobe introducing anew or innovative product or ser-
vice into the international market.The company must be less than
six years old, headed by an experi-enced management team and, cru-c ial ly, be deemed capable ofcreating at least ten Irish jobs andrealising exports of at least e1 mil-lion within four years of its founda-tion.For firms which are not quite at
the HPSU level, Enterprise Irelandprovides the competitive start fund.The maximum support available is
e50,000 for a 10 per cent ordinaryequity stake.
2. National DigitalResearch CentreLaunch PadAnyone looking to set up a digital
technology business based on theirown research could look at contact-ing NDRC’s LaunchPad. Based atDublin’s Digital Hub, the NDRChasworkedwith over 80 digital ven-tures to date. Run by Gary Leyden,the programme offers mentoring, aworkspace and crucial micro-seedinvestment, normally arounde20,000, over a 12-week tailoredprogramme.
3. County and CityEnterprise BoardsUnder the government’s action
plan for jobs initiative, the local en-
terprise boards won’t be around formuch longer, although the details ofhow they are to be dissolved havestill to be ironed out.Under proposals announced by
the government last year, the workof the 35 local boards will be takenon by units in local authorities. Aunit dedicated to small businesseswill be set up in Enterprise Ireland.Cebs were established in 1993 to
provide support for small busi-nesses with ten employees or fewer.They deal in smaller amounts
thanEnterprise Ireland and can suitsome smaller local businesses look-ing to get off the ground.
4.Wayra
Last month, Telefonica broughtits digital investment programme toIreland, investing in ten Irish start-ups.The programme received moreapplications per capita from Irish
hopefuls than in any of the 11 othercountries inwhich it operates.Each winner receives an invest-
ment, in the form of a loan whichconverts to equity, of about e50,000and six months’ access to a newWayra Academy workspace in O2’sheadquarters in Dublin’s dock-lands.
5. Ryan Academy’sPropellor programmeThe DCU-based Propeller Ven-
ture accelerator was established in2010 with funding of e1 millionfrom Irelandia Investments,with anemphasis on software,Web 2.0, ap-plications, informatics and clean-tech start-ups.The three-month accelerator
programme offers e30,000 invest-ment in exchange for a 7.5 per centequity stake. Start-ups receive men-torship, free office space for four
months and a service package withmarketing, sales, legal, IP and ac-counting with corporate partners.
6. Business AngelPartnershipAngel funding deals are facili-
tated by the national Business An-gel Partnership and, in the past fiveyears, have amounted to around e15million,with the average investmentof e180,000.The Business Angel Partnership,
a joint initiative between EnterpriseIreland, Intertrade Ireland and theIrish Business and Innovation Net-work, favours seed investments.
7. AIB Seed Capital fundand Bank of IrelandStartup fund (DeltaPartners)Established in 2007,theAIBSeed
Capital Fund’s purpose was to pro-vide funding across a range of sec-tors.Partof theEnterprise Ireland and
Venture Capital programme 2007to 2012 plan, it has e53 million un-der management, comprising e30million from AIB and e23 millionfrom Enterprise Ireland.Another option is the e17 million
fund managed on behalf of BankofIreland and Enterprise Ireland byDelta Partners.The fund targets investments in
the range of e100,000 and e500,000.Both funds are coming towards
the end of their investment cycleand are due to finish at the end ofthis year.
Groups that give start-ups a helping handBroadlake Capital is one companyoffering funding for young businesses.Philip Connolly takes a look at sevenother supports for start-ups
Tanning company Vita Liberatahad been struggling to keep upwith demand for its productswhen founder Alyson Hoggdecided to bring in a newinvestor.‘‘We realised we were hurtling
so fast past ourselves that wecouldn’t keep up. We needed tolook at our strategy for growth.Growth is great, but as every-body knows who has every beenin business, growth is expen-sive,’’ she said.‘‘We needed to look for
partners. We spoke to fourcompanies and the offers werenot dissimilar so it was reallyasking, from our perspective,who can bring the biggest smartsand that was Broadlake.’’Selling the business was
never an option for Hogg, whodeveloped the self-tanning pro-duct seven years ago. Broadlaketook a 47.5 per cent stake in thecompany, while Hogg has thesame holding (another directorholds the remaining stake).Hogg said keeping majority
control was not important forher. ‘‘What’s important is to finda partner and lock arms andmove on together,’’ she said.Vita Liberata, which has a
high-profile deal with the X-Factor, has been selling in Bootsfor five years and has recentlylanded a deal to sell intoupmarket beauty chain Sephora.‘‘Apparently it’s really difficult,but we managed to get intoBoots and then Sephora, whichis highly selective,’’ she said. Thecompany is based in the North.
‘‘When we look for business,we get it. One of our key fearswas almost to go looking forbusiness because we didn’t havethe stock and the components,’’said Hogg. ‘‘We are free now togo and capitalise on all theopportunities coming our way.We are being courted from allcorners. We have people coming
at us from Russia, America,South America, from every-where.’’Since starting to sell in
Sephora in March, Vita Liberatahas become the fourth-biggestself tanning brand in Europe,and aims to move up to third orsecond place next year.
Samantha McCaughren
Vita Liberata capitalises on growth
Alyson Hogg, founder of Vita Liberata TONY O’SHEA
SamanthaMcCaughren
See page 26Talking Point: How tech start-upscan get moving
n16 News Focus THE SUNDAY BUSINESS POSTOCTOBER 14 2012
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