Belfast-based private equity firm Cordovan Capital Management Limited has acquired Powdertech (Corby) Limited.
Following investments made last year into Spanwall Group and Cubo, this is the third investment closed by its institutional fund vehicle, Cordovan Capital Partners II LP, and the twelfth investment made by the group overall.
Northamptonshire-based Powdertech is a leader in the field of specialist architectural powder coating, providing unique and innovative coating solutions to a wide range of UK and international clients.
Cordovan partner Daniel Anderson said of the acquisition: “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.”
Giles Ashmead, operations director at Powdertech, said: “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.”
