€6m expansion investment by Cavan firm

Cavan-headquartered Obelisk Group has secured a €6m investment to fund the expansion of its telecommunications and power infrastructure sectors in the UK and South Africa.

Up to €3m will be provided by the BDO Development Capital Fund, with the remainder sourced from bank funding.

The project is supported by the Department of Jobs through Enterprise Ireland.

Founded in 1996 by local entrepreneurs Colm Murphy and Padraig Brady to serve the then newly emerging Irish mobile market, the telecommunications and utilities firm is to use the investment to meet future expansion demands.

Obelisk has been involved in the roll-out of fibre broadband in Ireland, as well as the development of the Irish electricity transmission infrastructure.

Employing in the region of 250 people, Obelisk generates annual revenues in excess of €20m with export revenues currently accounting for 40% of the group’s revenues.

Obelisk Group, Chief Executive, Declan O’Neill said: “We welcome the investment from Development Capital who share our vision to build Obelisk into a world-class engineering business that will become a strong brand in our sectors representing quality and delivery. The global markets for telecommunications and power infrastructure are set for exponential growth and we believe Obelisk has the expertise and experience, coupled with lots of hard work and commitment, to capture a significant part of this growth. We are looking forward to working with Development Capital to show how Irish entrepreneurs can compete and succeed on the world stage.”