BELFAST private equity firm Cordovan Capital Management has confirmed the acquisition of Powdertech (Corby) Ltd, a specialist architectural powder coating business founded in Northampton in 1988 providing coating solutions to large scale architectural projects domestically and internationally.
It's the third investment closed by its institutional fund vehicle Cordovan Capital Partners following buy-ins in the last year into Spanwall Group and Cubo.
Cordovan partner Daniel Anderson said: “This acquisition has seen us support a highly experienced and industry-recognised management team in their ambitions to lead the next chapter of Powdertech’s growth.
“This is a successful, innovative surface technology business whose work can be seen on many iconic buildings, from Wembley Stadium in London to the Riyadh Metro Station in Saudi Arabia, and we are delighted to welcome it into the Cordovan portfolio.”
Powdertech operations director Giles Ashmead added: “We are delighted to have completed this investment into the company which will catalyse significant further growth in the business.
“I’d like to pay tribute to the founder and seller of the business Martyn Green, whose innovative work in our industry has laid a such a strong foundation on which we will continue to build.”
The deal is the 12th investment made by Cordovan Capital Management since October 2016.
Its investment approach is to partner with strong management teams and, in addition to assisting with capital raising, brings a wealth of financial, strategic and commercial experience to the boardroom.
Cordovan was advised by Scott Kennedy of Millar McCall Wylie Solicitors and HNH Group in Belfast.
