We are a successful venture capital company with a track record of delivering strong returns to investors.
With €95 million under management, we invest equity capital in fast growing private unquoted companies on a long-term basis.
Following on from the success of our previous funds, the €75 million Ulster Bank Diageo Venture Fund L.P. (managed by NCB Ventures) is actively seeking new opportunities and will invest in growing companies across the island of Ireland.
Our investment range is €1 - €5 million in each portfolio company, and investees will be sourced from a range of sectors including ICT, support services, consumer products and services, leisure and fitness, cleantech, waste services, medtech and engineering.
NCB Ventures invests across all development stages from early stage and expansion through to management buy-out.
We support Irish entrepreneurs who have the vision to build businesses capable of competing in international markets or gaining market-leading positions in the Irish market. Our investments are made on a long-term basis with a view to realising a capital gain within a five to seven year period. We have a track record of supporting investee companies from start-up through to flotation or trade sale.Sectoral Preferences
The NCB Ventures Company portfolio covers a range of sectors including Consumer Products & Services, Healthcare & Life Sciences, Information & Communications Technology and Exits.
The NCB Ventures Investment Team are multidisciplinary team with over 40 years VC experience that has invested in 34 companies. They are supported by an Investment Committee comprising C. O'Kelly, L. Booth, G. Dilger and G. O'Brien. The Fund also has an external Advisory Committee (representing investors) and is audited by KPMG.
|–||Maximum investment in one company - 15% of fund value|
|–||Business Support Services / Healthcare Equipment & Services (MedTech) / CleanTech & Renewable Energy / ICT & Media / Consumer Services & Leisure|
|–||Undertaking MBOs / MBIs|
|–||Implementing “buy and build” strategies|
|–||Effecting recapitalisations/take privates and spin outs|
|–||Co-investment with both strategic and financial investors|
|–||Enhanced exit potential|
|–||Access to additional sources of capital - capital markets and private clients base|
We will focus our investment activities on:
Investments will be by way of subscription for (i) share capital and/or (ii) loan stock which will have an equity character or be convertible to equity.
Usually we receive a written or verbal summary of the business proposition from the promoters on initial contact. This gives us an overview of the project and at this stage the promoters also submit a full business plan to us.
When we receive the business plan we assess whether the project falls within the investment criteria and portfolio strategy of the fund. To complete this assessment it may be necessary to meet with the promoters.
A presentation from the promoters will normally take place in our offices or the company's premises. The presentation usually clarifies important features of the business plan and involves all key promoters. This gives us the opportunity to raise issues we see as significant at an early stage and get a sense of the promoters' vision for the project.
Following a presentation, we conduct a desktop analysis of the project including a market analysis, comparison with competitors, technical review and financial analysis. This process may require follow-up meetings and the provision of detailed supporting documentation to supplement the business plan. Once the desktop analysis is complete, a decision will be made whether to progress a negotiation of indicative terms.
A non-binding term sheet will set out the main parameters of the deal. The term sheet will include the amount to be invested, type of investment instrument, any conditions precedent, the treatment of costs and any covenants and warranties required. Once the term sheet is executed by both parties the due diligence process commences.
The process comprises commercial, financial and legal due diligence. This involves in-depth reviews and analyses of the legal, financial, technical and human resource aspects of the project. This process may involve the use of external experts (Solicitors, Accountants, Technical Advisors, etc.) and the various aspects of due diligence are usually run simultaneously.
Once the legal and due diligence processes are complete, the transaction is executed and funds are transferred to the company.
In order for NCB Ventures to gain an understanding of your project, we request that a business plan is submitted. The content of each business plan is determined by the nature of individual project, but should generally cover most of the items listed.
|1.1||Corporate History - Origin and key events|
|1.2||Corporate Structure - Subsidiaries and associated companies|
|1.3||Promoters/Shareholders/Directors - Names and brief details|
|1.4||Markets - Main markets|
|1.5||Products or Services - Brief details|
|1.6||Financial Position - Highlights of recent performance and overall financial prosition|
|1.7||Corporate Objectives - Outline of objectives and strategy to achieve them|
|2.1||Profiles of Promoters and Key Managers - Append detailed curriculum vitae and offer characters and business references|
|2.2||Remuneration, Contracts and Options - Details|
|2.3||Organisation Chart - Current and proposed|
|2.4||Employment - Current and projected|
|2.5||General Information on Employees - Trade unions, pay agreements, pension schemes, training, employment and training grants, and all other relevant information on personnel and industrial relations policies|
|3.1||ndustry Market Size, Structure and Target Segments - Describe present and future trends by product category in volume and price terms: distinguish between the home market and individual export markets: identify target segments|
|3.2||Product Trends - Life cycles, design/use changes, brands, industry fit|
|3.3||Customers - Profile of behaviour, preferences, needs and identity of key customers|
|3.4||Competitors - Identify main competitors and give respective market shares; identify key competitive features|
|3.5||Sales-Related Issues in Target Market Segments - Channels of distribution, sales methods and representation, pricing, trade discount and credit terms, promotion and advertising|
|4.1||Market entry plans - Method, timing and channels of distribution, barriers to entry, seasonal factors|
|4.2||Pricing Policy - Compare with competing products|
|4.3||Sales Targets - Product mix, volumes, prices and market shares|
|4.4||Credit Terms/Discounts - Detail and compare with industry norm|
|4.5||Promotion and Advertising - Where, how and cost|
|4.6||Sales Support and Service - Relate to market entry strategy|
|4.7||Trade Restrictions and Regulations - Indicate status of products or services including warranties and product liabilities|
|4.8||Competitive Assessment - Products, likely response by competitors and contingency plans|
|4.9||Marketing and Sales Grants - Detail grants approved, grants received to date and grants sill due|
|5.1||Products or Services - Current and planned|
|5.2||Product Specification - Brief details, append full specification|
|5.3||Technology Status - Product technology, present and future trends|
|5.4||Product Testing - Indicate performance achievements|
|5.5||Technical Approvals - Indicate whether received/required|
|5.6||Patents, Copyrights, Trade Marks and Licences - Indicate status|
|5.7||Source or Product/Process Technology - Research and development, licensing, joint venture or other|
|5.8||Research and Development - Nature, status and funding|
|5.9||Research and Development and Technology Acquisition Grants - Detail grants approved, grants received to date and grants still due|
|6.1||Premises - Describe, including details of title, size, rental and adequacy|
|6.2||Manufacturing Process - Describe in detail|
|6.3||Plant Capacity and Utilisation - Relate to sales targets: identify planned capital expenditure|
|6.4||Suppliers and Materials - Highlight key suppliers/second source|
|6.5||Sub-contractors - Details|
|6.6||Productivity and Labour Costs - Details|
|6.7||Quality Control - Specify procedures, standards set and quality awards|
|6.8||Production Costs - Standard cost data, control procedures and competitive position|
|6.9||Transport and Distribution - Method and cost|
|6.10||Capital Grants - Detail grants approved, grants received to date and grants still due|
|7.1||Historical Performance - Last 3 years audited accounts|
|7.2||Current Trading - Year to date - actual against budget|
|7.3||Details of Share Capital - Authorised and issued; list shareholders and indicate any options|
|7.4||Assumptions used in Projections - List in detail|
|7.5||Projected Profit and Loss Accounts, Balance Sheets and Cash Flow Statements - Detailed projections for the next 3-5 years|
|7.6||Sensitivity Analysis - Discuss the main risk factors and consider impact of such risks|
|7.7||Other Financial Information - Detail all planned capital expenditure and all other material matters|
|8.1||Financial Package - Total amount of finance being sought and intended providers; the specific use of funds sought (e.g. purchase fixed assets, finance stock and debtors, product or market development costs)|
|8.2||Type - Indicate combination of oridinary or redeemable preference shares or loan capital and the percentage shareholding on offer|
|8.3||Valuation - Indicate the value of the company and relate it to the percentage holding being offered to investors|
|8.4||Period - Indicate the period for which the finance is required|
|8.5||Rate of Return - Indicate the rate of return an investor should expect based on the financial projections|
|8.6||Exit Route - Specify how the investor could realise his investment - sale of shares to third parties or a buy back by the promoters or flotation|
|8.7||Board Representation - Indicate that it is proposed to allow an external investor nominate a director to the Board|
|9.1||Strengths of Business - Highlight strengths and opportunities|
|9.2||Weaknesses of Business - Highlight weaknesses and threats/td>|
|9.3||Why Invest? - Reasoned statement why an external investor should commit funds|