Belfast-based private equity firm Cordovan Capital Management has announced the sale of Antrim business Cubo.
The telematics provider has been bought by Leeds-based Fuel Card Services, which is part of the Dublin-based DCC plc.
The deal comes three years after Cordovan’s flagship institutional private equity fund Cordovan Capital Partners II acquired Cubo, formerly known as NIBC, in April 2021.
The Belfast investment fund managers said they were drawn to the business through its commitment to innovation in vehicle telematics and communications systems.
Fuel Card Services said the acquisition marks a significant milestone its bid to become a leading provider of fleet management solutions, particularly for small to medium-sized businesses.
The new owner said it will now offer a significantly enhanced range of tailored vehicle telematics solutions to fleet operators to help them easily meet regulatory requirements, enhance safety standards, and optimise overall fleet performance.
“Having invested significant financial and human capital into Cubo over the past three years, we are delighted to see this strategic acquisition by DCC take place,” said Cordovan partner Stephen McClelland.
At Cordovan we believe that Cubo is a Northern Irish business success story and is an exemplar of the dedication, innovation and resilience that characterises so many firms in the region.
“As our ownership of the business draws to a close, I can pay tribute to an exceptional management team who are undoubtedly going to further thrive as the company embarks on an incredibly exciting chapter of an already impressive growth story.”