Northern Ireland vehicle telematics provider acquired by Dublin firm for undisclosed sum
Belfast private equity firm Cordovan Capital Management has sold Cubo to Fuel Card Services
Northern Ireland private equity firm Cordovan Capital Management has sold its Antrim-based vehicle telematics provider Cubo.
The telematics provider has been bought by Leeds-based Fuel Card Services, which is part of the Dublin-based DCC plc.
Based in Belfast, Cordovan’s flagship institutional private equity fund Cordovan Capital Partners II acquired Cubo (formerly known as NIBC Ltd.) in April 2021 having been impressed by its commitment to innovation in vehicle telematics and communications systems, as well as its demonstrably strong customer focus.
This acquisition marks a significant milestone in Fuel Card Services’ journey to becoming a leading provider of fleet management solutions, particularly for small to medium-sized businesses.
With Cubo’s expertise, Fuel Card Services 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.
Cordovan partner Stephen McClelland, said: “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.
"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.”