Northern Ireland private equity company acquires Newtownards solar energy firm for undisclosed sum
The acquisition of BlueBuild represents the ninth investment closed by Cordovan Capital Management
Belfast private equity firm Cordovan Capital Management has acquired insulation and solar PV installation provider BlueBuild.
This represents the ninth investment closed by its institutional fund vehicle, Cordovan Capital Partners II LP.
Founded in 2011, BlueBuild provides sustainable energy solutions to both domestic and commercial customers including a range of internal and external insulation services and solar PV installations. Operating out of Newtownards and Dublin, the group provides its services across the Island of Ireland and mainland GB.
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 are delighted to add BlueBuild to the Cordovan 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 of Ireland”.