[Posted on March 31, 2008 - 6:12 PM]
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DiggFirst-time private equity vehicle Cordjia's $27 million debt and equity deal for retailing software developer Goliath Solutions marks the maiden investment for the new fund, displaying its strategy of identifying companies it believes are underperforming and applying management expertise and new direction.
Cordjia, a fund formed last year by former MBNA Corp. executives, was the lead investor in the deal, buying a majority stake along with The Walnut Group and other private investors, and bringing in debt financiers CapX Partners, Trinity Capital Investments and Comerica Bank. The investment was identified as an opportunity to apply Cordjia's core strategic objective of providing management expertise and capital. Under the deal Cordjia recruited MBNA veteran Chup Messick to come in as chief operating officer of Goliath.
The new equity investors will support the growth of Goliath's marketing analytics software to help retailers with in-store advertising. The software company has a contract to install its systems in more than 6,200 Walgreens stores around the country, and provides data under subscription to more than 40 consumer packaged goods manufacturers.
Cordjia is made up of partners Shane Flynn, former chief executive officer of MBNA Europe; Frank McKelvey, former vice chairman of MBNA America; Navroze Eduljee, a former director of information management and business intelligence with MBNA America; and Blaine Buck, an architect and professional engineer. The firm plans to invest $1 million to $15 million in early- to mid-stage middle-market companies, particularly in underperforming companies in the $5 million to $40 million range. - Clifford Carlsen
See March 28 item from Tech Confidential
See March 31 press releas from Cordjia
