where small business meets private equity

At Cordovan, we’re all about inspiring and developing management teams. Helping to build better and more sustainable businesses. And generating exceptional returns.

“The journey with Cordovan has genuinely exceeded expectations. Our priority was to find a partner who could strike the right balance between giving us the freedom and autonomy to run the business day‑to‑day, while also bringing strategic direction and meaningful support when the bigger decisions arise. Cordovan has delivered exactly that.”

Rob Forsyth

Managing Director, BlueBuild

We are one of the most active small company investors in the UK and Ireland.

Cordovan is a value investor focused on small company buyouts across the UK and Ireland, typically with enterprise values between £2.5m and £15m. As a specialist in this segment, our regional presence and hands-on approach appeal to management teams taking on the challenge of business ownership. By operating at the smaller end of the market, we access proprietary and off-market opportunities and navigate complex transactions with agility. Our disciplined sourcing process generates over 350 opportunities each year. This depth of deal flow, combined with the limited participation of larger private equity investors at the lower end of the market, enables us to capture meaningful value at entry.

Building Lasting Value

Our investments are centred on resilient, high-quality small businesses with durable, cash-generative characteristics. We back companies with clear product-market fit, strong underlying economics, and defensible business models that perform across cycles. A rigorous focus on quality of earnings and downside protection underpins every acquisition, ensuring each platform has a solid foundation for sustainable growth. By combining disciplined entry pricing with operational support, we aim to build long-term value for founders, management teams, and investors alike.

The Cordovan principals bring over 60 years of combined involvement in the SME sector. Known for moving efficiently, and dealing respectfully and pragmatically with vendors and their advisers, Cordovan aims to be a trusted investment partner for ambitious management teams, while offering investors access to a distinctive pipeline of well-sourced opportunities.

For MBO + MBI Teams

We identify, incentivise and empower ambitious management teams who embrace the challenge of business ownership. We support durable, meaningful growth through experienced, systematic and strategic input, disciplined action-focused implementation and a sense of urgency. Our management teams have the energy, integrity and talent to succeed, and are highly aligned with our approach and ethos.

For Advisors + Intermediaries

Cordovan has a reputation for executing sensible deals efficiently and respectfully. We understand what it means to own and sell an SME, and therefore empathise with business owners and their advisers throughout the process. Whilst we have a well-honed investment and transaction approach, we recognise the need for flexibility and common sense in resolving the inevitable issues that arise in any small company transaction. We are always open to discussing opportunities that fit our investment philosophy.

Disciplined Investing in Underserved Markets

UK and Irish small-cap investments offer an attractive and often overlooked opportunity for investors seeking strong long-term value. This part of the market has a clear funding gap, with limited private equity capital available below £7.5m enterprise value and fewer trade buyers at sub-£5m EBITDA, particularly outside major UK centres. Investment from angels and HNWIs is often informal, and lower levels of intermediation keep processes straightforward and less competitive. Together, these conditions allow us to invest in high-quality businesses at appealing entry valuations, agree sensible deal structures and build value over time, including the potential for multiple arbitrage on exit and attractive returns.

For MBO + MBI Teams

For Advisors + Intermediaries

“The Cordovan team is straightforward to deal with, commercially minded, and has a clear understanding of the opportunities and challenges that come with scaling an SME. Their approach has allowed us to stay focused on building the business, knowing we have a trusted partner alongside us.”

Greg Bradley

Founder, BLX BOX

INVESTMENT LOCATIONS

Businesses based in the
UK and Ireland.

£2.5m – £15m

VALUATION RANGE

Businesses with an Enterprise Value of between £2.5m and £15m.

£500k – £5m

EBITDA

Businesses with EBITDAs of between £500k and £5m.

SMALL COMPANY BUYOUTS

A flexible approach to small company buyout transactions.

An experienced team — adding value, insight and expertise to our portfolio companies.

Meet Our Team

Very few UK investment firms focus consistently on smaller, owner-managed businesses. Most private equity funds need to make much bigger investments for their model to work, which means many attractive UK and Irish SMEs are overlooked. Cordovan specialises in this underserved part of the market and has built an impressive track record of finding high-quality opportunities, both through formal sales processes and in off-market situations. As awareness of Cordovan continues to grow, more owners, management teams and advisers are approaching the team directly, recognising Cordovan as one of the few active and credible investors in this space across the UK and Ireland.

Meet Our Team

Building better businesses with exceptional returns.

SPECIALIST
ENGINEERING

GYM
EQUIPMENT

EDUCATIONAL
MEDIA

Building better businesses with exceptional returns.

SPECIALIST
ENGINEERING

GYM
EQUIPMENT

EDUCATIONAL
MEDIA

Funds that deliver for everyone.

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Helping to build for growth and innovation.

If you would like to learn more about our investment approach or discuss a potential opportunity, please get in touch.

Get In Touch

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where small business meets private equity

We are one of the most active small company investors in the UK and Ireland.

Building Lasting Value

For MBO + MBI Teams

For Advisors + Intermediaries

An experienced team — adding value, insight and expertise to our portfolio companies.

Building better businesses with exceptional returns.

Decom Engineering

BLK BOX

Makematic

Building better businesses with exceptional returns.

Decom Engineering

BLK BOX

Makematic

Funds that deliver for everyone.

Helping to build for growth and innovation.