FITNESS equipment maker Blk Box in Newtownabbey is flexing its muscles after a new round of equity was pumped into the company.
Belfast-based private equity firm Cordovan Capital Management has made what is says is a "significant equity investment" into Blk Box.
It's the eighth investment closed by its institutional fund vehicle, Cordovan Capital Partners, and the 17th investment made by the group over the past few years.
Blk Box specialises in providing equipment for the strength and functional fitness segments of the fitness industry.
It has extensive product range of high-quality gym equipment, from flooring solutions, racks and rigs, barbells, dumbbells and other gym accessories.
It sells its products to a global customer base including some of the most recognisable names in the sport and fitness industry including PureGym, Irish Rugby and Manchester United.
The investment will see Daniel Anderson of Cordovan and experienced investor-director Keith McDermott join the board of directors at Blk Box.
Daniel, who founded the Cordovan investment fund alongside Mike Irvine in 2020, said: “I'm delighted to welcome Blk Box into our dynamic and growing portfolio of SMEs.
“This is a successful local business which employs 80 people and exports its products globally, so it was a compelling and straightforward investment case to support the next stage of its journey with a significant package of financial and strategic support.
“The company’s rapid growth from humble beginnings in 2012 is testament to the experienced leadership of both Greg Bradley and more recently Ben Stocks, both of whom I look forward to working with in the years ahead.”
Greg Bradley, founder of Blk Box, said: “This will allow us to continue to expand our operations. The investment from Cordovan represents an exciting new chapter our story as it continues to grow and further establish its brand and product offering across the globe.”
Cordovan Capital Management was advised in the deal by Scott Kennedy and Ben Palmer of DWF Solicitors in Belfast while Blk Box was advised by Paul O’Brien of Tughans Solicitors in Belfast and Sean Duffy of Vision to Value.