Wogan Build Centre is the 12th investment by Development Capital, bringing the total value of its investments in Irish SMEs so far to more than €90m.
Fast-growing and innovative Drogheda-based building material distributor Wogan Build Centre has raised a significant investment from Development Capital.
The amount of the investment was not disclosed. The Drogheda-based business has annual revenues of €36m.
“This investment by Development Capital is an important milestone for us as it enables us to take the development of the business to another level through acquisitions, following significant organic growth in recent years”
Wogan Build Centre has over 40 years of trading experience and a strong reputation for customer service, quality products and specialist knowledge.
This investment by Development Capital will support the company’s continued expansion by complementing its consistent organic growth with an acquisition-led strategy, focused on the addition of complementary businesses to expand Wogan Build Centre’s geographic footprint In Ireland.
Specialist building expertise
Led by brothers Derek and Garrett Wogan, along with an experienced senior management team, the company has achieved significant year-on-year growth tripling its revenues to €36m with employee numbers increasing to 81 since relocating to a new, dedicated 4,200 square metre warehouse and retail showroom at Drogheda’s North Road in 2017. Since then, Wogan Build Centre has expanded its product range and established new specialist divisions in: plumbing and renewables; civils and drainage, and drylining, insulation, facades and offsite component supplies.
These businesses along with its General Merchant business have spear-headed Wogan Build Centre’s organic and geographic market penetration in recent years.
As part of the investment, Fran Stafford, Investment Director at Development Capital, will join the Board with Andrew Bourg, Co-Founding Partner of Development Capital, joining as an observer.
“This investment by Development Capital is an important milestone for us as it enables us to take the development of the business to another level through acquisitions, following significant organic growth in recent years,” Derek Wogan, managing director of Wogan Build Centre explained.
“We are thrilled to be working with a team that supports SMEs like us with both capital and expertise and we welcome Fran to our Board.”
Development Capital’s investment model is based on backing SME management teams by providing them with both the funding and experience to unlock and accelerate their growth potential.
It manages two funds; The BDO Development Capital Fund (a €75 million fund established in 2014) and Development Capital Fund II (a €75 million fund established in 2020).
To date, this Fund has successfully exited from seven investees, including Lifes2Good, Version 1, Netwatch, Blueface, Perigord, Ina’s Kitchen Desserts and Obelisk. The remaining two investee companies in this Fund are ATA Group and Multihog. The capital sources for BDO Development Capital Fund include Enterprise Ireland, Bank of Ireland, CRH plc, Glanbia plc, and Glen Dimplex.