Business

Cordovan completes investment into its ninth portfolio company

Cordovan managers Mike Irvine, Declan Sewell and Daniel Anderson

BELFAST private equity investor Cordovan Capital Partners has added a ninth investee company to its portfolio by making a significant equity investment into Decorum Vending in Dorset, which specialises in providing vending solutions across the UK rail network.

Cordovan, one of the north's most active private equity investors, says it has closed "a significant equity investment" into Decorum, its first deal of 2020.

The growth equity funding package, which has been invested in exchange for a significant minority stake in the company, will enable Decorum to continue to bring its innovative approach to the sector and fulfil recently-won vending contracts across the UK rail network, placing modern smart-vending machines across high-footfall stations such as London Waterloo, Clapham Junction and Paddington.

Daniel Anderson, associate director at Cordovan, commented: “This is exactly the type of investment we seek out: investing in a compelling growth company, partnering with a strong management team and providing ongoing hands-on support.

“While we primarily invest in NI-based companies, this deal represents our first in GB. We are delighted to partner with the Decorum team as they embark on an exciting period of growth in a dynamic yet underserved retail sector.”

Declan Sewell, managing director of Decorum Vending, said: “The recent award of several key new contracts demonstrates that Decorum is poised to capture even greater market share. This funding from Cordovan will enable us to fulfil these contracts and scale rapidly.”

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