Business

Cordovan invests in heating group Greenview

SEALING THE DEAL: From left are Daniel Anderson, partner at Cordovan; Sharon Patterson, group operations director at Greenview; Michael Burke, chief executive of Greenview; and Mike Irvine, partner at Cordovan

BELFAST-based private equity firm Cordovan Capital Management has made another significant investment into a high-growth Northern Ireland company - its fourth in just a month.

The deal has been closed with Carryduff-based heating group Greenview.

Established in 2016, it delivers mechanical, electrical, heating and sustainable energy solutions to a range of public and private sector customers across the UK and Ireland, including the NI Housing Executive, Translink and Ardmore Group.

Employing more than 300 full time staff across the group, Greenview recently expanded into a new 5,000 sq ft office base at Carrickbracken Business Park in Newry, capable of housing up to 30 staff, primarily for the firm's growing portfolio of heating and maintenance contracts.

Following successful investments in Spanwall Group, Mercury Telematics (now trading as Cubo) and Powdertech, it is the fourth deal closed by Cordovan's institutional investment vehicle, Cordovan Capital Partners II, and the 13th investment made by the group overall.

Cordovan partner Daniel Anderson said: “Greenview's experienced management team and exceptional track record of contract delivery and service quality will ensure the company continues to grow and develop in the coming years.

“As a provider of sustainable energy solutions, Greenview will play a critical role in the UK and Ireland's drive to net zero and the decarbonisation of the economy. We look forward to working the team on the next stage in Greenview's journey.”

Michael Burke, founder and chief executive at Greenview, added: “We're thrilled to have completed this investment into the company which will allow us to continue to expand its operations.

“The investment from Cordovan represents a new chapter in Greenview's story as it continues to grow and further establish its brand and service offering across the UK and Ireland.”

Cordovan Capital Management Ltd was advised by Vicky Dummigan and Chris Bullock from Davidson McDonnell Solicitors, while Greenview was advised by Tughans Solicitors.

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