Twenty20 Capital to sell Cordant Services
Twenty20 Capital has signed an agreement with Bidvest Noonan to sell the Cordant Services group of brands.
The disposal reinforces Twenty20 Capital’s focus on realising value for shareholders whilst generating strategic growth within the staffing and human capital sector.
The arrangement includes the sale of Cordant Services and its subdivisions: Cordant Security Ltd, Cordant Cleaning Ltd and Cordant Thistle Ltd.
Tristan Ramus, Twenty20 Capital Founder and Investment Director, says: “We are delighted to be able to announce the sale of Cordant Services to Bidvest Noonan.
“The exit of Cordant Services demonstrates our ability to drive market-leading performance with an outstanding management team and find the right partner at the right time for the future success of the business.
“After a long history of exceptional service delivery, and having truly established itself as a trusted brand, we recognised that Cordant Services would be better positioned with an aligned organisation.
“Today’s announcement marks a positive step for the Services business, and I am confident that under new ownership, the business will be able to fulfil, and exceed, its potential, whilst continuing to offer industry-leading solutions to clients.”
Guy Pakenham, MD of Cordant Services, who will continue to lead the business, says: “Joining Bidvest Noonan is the right move for Cordant Services. Cordant Services has a long-serving reputation within the industry, and I believe that our new owners will provide an excellent foundation for continued growth, profitability, innovation and service improvement.
“We are now engaging with Bidvest Noonan's dedicated integrations team to ensure a seamless transition. Today's announcement will not impact the services we deliver to our clients. We will continue to provide the same high standards and excellent service that made our business a success.”
Declan Doyle, CEO of Bidvest Noonan, says: “In 2020 we set out an ambitious growth plan for our group; we wanted to develop a national presence with the scale, infrastructure and expertise to deliver the most innovative high-quality service offering in the market, to our clients and to create exciting new opportunities for our people.
“With over 7,000 people, an impressive portfolio of clients and a track record of delivering high-quality solutions, Cordant Services is an outstanding business. This is a landmark moment for Bidvest Noonan and Cordant Services. I know that working together, we will be very successful, and I am very excited about our future.”