Insulation and solar PV specialist acquired by PE firm
Wed, 28 Aug 2024 | BUSINESS SALE
BlueBuild, an insulation and solar PV installation specialist with subsidiaries operating across Newtownards, County Down and Dublin, has been acquired by a private equity firm. The acquisition by Cordovan Capital Management is the ninth investment through the firm’s Cordovan Capital Partners II LP institutional fund vehicle.
BlueBuild was founded in 2011 and provides an array of internal and external insulation services and solar PV installations to domestic and commercial customers across Ireland and mainland Great Britain.
The company has three trading subsidiaries: Newtownards-based BlueBuild Insulation and BlueBuild Energy and Dublin-based BlueBuild Renewables. The group primarily operates via a sub-contractor model, supported by a team of 30 full-time staff.
BlueBuild Insulation installs wall cavity, loft and external wall insulation for new build and existing residential and commercial properties. BlueBuild Energy provides solar PV panel installation for private residential and commercial customers. BlueBuild Renewables provides external wall insulation installation for residential customers across the Republic of Ireland.
Following the takeover by Cordovan Capital Management, new Managing Director Rob Forsyth will lead the firm, alongside Operations Director Ewan Melvin, who has been with BlueBuild since its inception. The company will receive additional support from Cordovan to drive the next phase of its growth.
Cordovan partner Stephen McClelland said that the acquisition built on the company’s “green transition” theme, following its previous investments into solar installation firm Solmatix and LED lighting installation provider CEMA Lighting.
McClelland continued: "BlueBuild has successfully identified insulation and solar PV as two effective, sustainable measures which enable both home and business owners to reduce energy costs and simultaneously have a positive impact on the environment.”
"The group is at the forefront of helping deliver government sustainability policy and regulation through its primary contractor status on key frameworks in Northern Ireland and the Republic of Ireland."
With ESG a growing concern for investors, boosting a company's green credentials can be integral to attracting private equity backing
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