Enterprise Ireland records €16m surplus from sales of client firms

Enterprise Ireland (EI) last year recorded a surplus of €16.35 million from the trade sales of EI client firms where the agency had a shareholding investment.

New figures provided by Minister for State at the Department of Enterprise, Trade and Employment Neale Richmond show that over the past five years, EI has recorded a combined surplus of €101.23 million from the trade sales of its shareholding interests in client companies.

Figures provided by Mr Richmond in a written Dáil reply to Sinn Féin TD Louise O’Reilly show that the €16.35 million surplus for 2022 arose from the trade sale of 19 client companies last year.

EI recorded the surplus from the trade sale income of €23.23 million where EI’s initial investment was €6.87 million.

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In his written reply, Mr Richmond said: “Over the last five years there have been 132 trade sales of Enterprise Ireland client companies where Enterprise Ireland has held a shareholding investment.

He said that the sale of these companies “generates a return to Enterprise Ireland on an annual basis”.

Mr Richmond said that over the last five years the income generated by Enterprise Ireland through the 132 trade sales has been €153.2 million.

He said: “The original cost to Enterprise Ireland of investing in these 132 companies was €51.9 million.”

The figures show that out of the past five years, 2019 has been the most lucrative for the agency in terms of trade sales of EI client companies when it received €49.3m in upfront share income from 30 sales recording a surplus of €36.64 million on its €12.66 million investment.

In a separate written Dáil reply to Ms O’Reilly on Enterprise Ireland’s venture funding record, Mr Richmond said that over the past ten years, the Government, through Enterprise Ireland, had invested €479 million into 32 venture capital funds to stimulate job creation.

The amount drawn down to date from EI totals €361 million.

He said: “On an annual basis these investments provide a return on investment to Enterprise Ireland. Over the last ten years the amount that has been repaid to Enterprise Ireland amounted to €304 million.”

Mr Richmond said that at the end of December 31st last, the residual estimated value of investment assets was €306 million.