Somers completes $4.4m investment in Irish firm
Somers Ltd, parent company of Bermuda Commercial Bank has completed a 3.25 million-euro ($4.4 million) investment in Ireland-based Merrion Capital Holdings Ltd.
Somers, a Bermuda Stock Exchange listed company, said today that it had received approval from the Central Bank of Ireland for the transaction.
Somers has agreed to invest 3.25 million euros in Merrion by way of an equity investment of 750,000 euros, representing 6.6 percent of Merrion's issued share capital, and a three-year convertible loan note of 2.5 million euros.
Merrion, established in 1999, is an independent financial services firm providing stockbroking, corporate finance advisory and funds management services to a mainly domestic Irish client base. Somers is investing alongside Merrion's existing management and Brehon Capital Partners Ltd, a Dublin-based real estate, private equity investment and asset management firm.
Somers chairman Warren McLeland said: “We are pleased to announce the completion of our investment in Merrion and believe it has exciting growth potential which will complement our existing investments. We look forward to working with management and Brehon.”