Cordovan dives out of QUB’s TruCorp

Private equity syndicate Cordovan Capital Partners has offloaded its shareholding in TruCorp, a UK-based surgical training apparatus spinout of Queen’s University Belfast (QUB), the Irish Times reported today.
The firm sold its shares to TruCorp’s management duo Ryan Colhoun and Mike Calo, netting a 10.4-fold return on its original investment.
Founded in 2002, TruCorp produces artificial manikins of the human body for surgeons to practice emergency trauma and airway procedures.
The equipment is marketed as being more anatomically-accurate than competing alternatives. TruCorp also sells additional training materials, including ultrasound models and a digital ventilator simulation app.
Cordovan Capital Partners had joined Colhoun and Calo in 2016 to purchase TruCorp’s share capital from QUB’s tech transfer office, Qubis.
The acquisition was funded through a senior debt facility from banking firm Bank of Ireland.
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.”