Finance provider grants multimillion-pound facility to support acquisition

ThinCats, a leading alternative finance provider for mid-sized SMEs, has granted a multimillion-pound facility to support Cordovan Capital Management’s acquisition of BlueBuild.

It marks the ninth investment by Cordovan Capital Partners II, its institutional fund vehicle, and is Leicestershire-based ThinCats’ first deal in Northern Ireland.

Founded in 2011, BlueBuild offers sustainable energy solutions to both residential and commercial customers, including various internal and external insulation services and solar PV installations.

The company operates from Newtownards, Northern Ireland, and Dublin, Republic of Ireland, providing services throughout Ireland and mainland Great Britain.

BlueBuild will be led by new managing director Rob Forsyth and operations director Ewan Melvin, who has been with the company since it was founded.

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”.

Simon Dixon, regional managing director, ThinCats said: “BlueBuild has built a fantastic reputation in the market and with this new partnership with Cordovan they are well positioned to continue their strong growth trajectory. It’s gratifying to be backing a business delivering sustainable solutions for homes and businesses in Northern Ireland, and we are excited to see them go from strength to strength. Cordovan have been the perfect partner, and we look forward to working with them on future transactions.”