Belfast based company TruCorp has been acquired by private equity syndicate Cordovan Capital Partners alongside the company’s management team of Michael Calo and Ryan Colhoun.
TruCorp which originally was a spin-out from the Department of Anaesthetics at Queen’s University - and part-funded by QUBIS - is the leading provider of anatomically-correct training manikins for use in airway management, anesthesia, resuscitation and Medical Trauma training.
The Belfast based firm was established in 2002 and has developed a global sales reach across its main markets in the USA, the EU and Asia.
“Myself and Ryan both feel it is the perfect time for us to be taking ownership of Trucorp alongside Cordovan Capital Partners,” said Mr Calo, the firm’s sales and marketing director.
“Our products and service have always been world-class and we intend to build upon that legacy focusing on new product development and further penetration of new and existing markets.
“Ryan and I would like to thank the former shareholders for the huge contribution they have made to the company and for the years of mentoring they have given us.
“Specifically, Colin Foster, our former chairman and managing director; he has personally taught us a substantial amount about running a successful business”.
Mike Irvine of Cordovan Capital Partners said: “We are delighted to be involved with TruCorp and to be working with Michael and Ryan.
“This is an excellent company with plenty of potential for growth not only in its existing markets but also through a pipeline of new products.
“Credit has to go to the former shareholders of TruCorp who have built a terrific business; it is great that they have been able to realise the value they have created and that the management team has the opportunity to take the company forward.”
Stephen McClelland, former CEO of Schrader Electronics and member of Cordovan, will join the TruCorp Board as chairman, bringing with him a wealth of commercial and corporate experience.
Bank of Ireland provided acquisition funding for the deal in the form of a senior debt facility.
Cordovan Capital Partners is a private equity investment syndicate based in Northern Ireland, which brings equity and experience to deals of between £500k and £5m with a particular focus on growth capital, management buy-outs and turnaround opportunities.