Business

Cordovan completes TruCorp exit at 10 times return on investment

Mike Irvine, managing director and founder of Cordovan

PRIVATE equity investors Cordovan Capital Partners has sold its stake in manikins maker TruCorp Holdings in what was a 10.4 times gross return on its original investment.

Cordovan bought into TruCorp in 2016, but has completed the sale of its investment to management of the firm, Mike Calo and Ryan Colhoun.

Founded in 2002 and a spin-out from the Department Anaesthetics at Queen’s University, TruCorp designs, manufactures, distributes and sells the most durable and realistic medical training simulators in the world.

Since the investment four years ago, TruCorp has expanded its product range considerably and experienced significant growth in sales and earnings.

Mike Irvine, managing director and founder of Cordovan, said: “We feel privileged to have been part of the TruCorp journey and to have worked closely with Mike and Ryan.

“This exit represents a strong return for our investors but also provides the management team with the opportunity to take the business to further heights. We wish the company and the team every success in the future.”

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