Private equity firm Cordovan Capital Management has formally acquired insulation and solar PV installation provider BlueBuild, which has operations in Newtownards and Dublin.
It’s the ninth investment closed by its institutional fund vehicle, Cordovan Capital Partners II LP.
Founded in 2011, BlueBuild provides energy solutions to both domestic and commercial customers including a range of internal and external insulation services and solar PV installations.
It has three trading subsidiaries, including Newtownards-based BlueBuild Insulation, which installs cavity wall, loft and external wall insulation to both new build and existing residential and commercial properties.
BlueBuild will be led by new managing director Rob Forsyth and operations director Ewan Melvin, who has been with the group since its inception.
The company will also receive significant additional support from Cordovan as it enters the next phase of an already exciting growth story.
Cordovan partner Stephen McClelland said: “We’re delighted to add BlueBuild to our portfolio, which builds on our ‘green transition’ theme having previously invested in Solmatix (solar installation) and CEMA Lighting (LED lighting installation).
“BlueBuild has successfully identified insulation and solar PV as two effective, sustainable measures which enable both home and business owners to reduce energy costs and simultaneously have a positive impact on the environment.
“The group is at the forefront of helping deliver government sustainability policy and regulation through its primary contractor status on key frameworks in Northern Ireland and the Republic.”
Cordovan Capital Management was advised in the deal by Paul O’Brien and Ben Sims of Tughans Solicitors in Belfast, Bill Holwell of LGF Capital Partners, and Matt Owens of EY Belfast for financial due diligence.
The vendors were advised by Max Nesbitt of Wilson Nesbitt Solicitors in Belfast, and Paul Gleghorne and Connor McAnallen of HNH Deal Advisory.
ThinCats provided acquisition and working capital debt finance, with Simon Dixon leading the Thincats deal team.
