Belfast manikin firm TruCorp acquired by private equity syndicate
A BELFAST based company that produces manikins for use in medical training has been acquired by a private equity syndicate.
TruCorp has been bought by Cordovan Capital Partners alongside the company’s management team of Michael Calo and Ryan Colhoun.
The business was originally a spin-out from the Department Anaesthetics at Queen’s University, Belfast.
It is the leading provider of anatomically-correct training manikins for use in airway management, anesthesia, resuscitation and medical trauma training.
The company was set up in 2002 and sells across the world with its main markets in Europe, the United States and Asia.
TruCorp sales and marketing director Michael Calo said it was "the perfect time for us to be taking ownership of Trucorp alongside Cordovan Capital Partners".
"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," he said.
“Ryan (Colhoun) 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 described TruCorp as "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," he said.
Stephen McClelland, former CEO of Schrader Electronics and member of Cordovan Capital Partners, will join the TruCorp Board as chairman.
Bank of Ireland provided acquisition funding for the deal in the form of a senior debt facility.