ICC Ventural Capital have announced new investments totalling £1.3 million in companies in Shannon and Northern Ireland.
The investments of £460,000, in InnRoom Controls Group, Shannon, and sterling £750,000 (£842,700) in Devenish Nutrition, Belfast, come a week after the venture capital company announced a £1 million investment in O'Brien's Irish Sandwich Bars.
InnRoom Controls was founded in the UK in 1995 and established its manufacturing facility in Shannon one year later. The chief executive is Mr Keith Gill, who was one of the original founders of Derwent Valley Foods, which was later sold to United Biscuits for £28 million. Derwent are the producers of the Phileas Fogg brand of snacks.
InnRoom Controls produces fully computerised tray-based systems for minibars, which centrally record any removals. It currently employs 17 people but expects this to increase to 50 within five years. It has a projected turnover for 1999 of £2 million.
Devenish Nutrition is an animal nutrition company which was bought last year by a management team led by chief executive Mr Owen Brennan. Sales have doubled from £6 million last year to a projected £13 million in the current year.
The growth of the company has come from domestic and export markets, including France, Britain and the US. The funds invested will be used for future growth and development.
Mr Brennan said the company is "delighted" with the investment. "We look forward to growing the company substantially in the future."
