DSW advises on retrofit specialists JPS Project Group’s private equity investment from Cordovan Capital

A corporate finance team from Dow Schofield Watts’ (“DSW”) Midlands office has advised JPS Projects (“JPS”), a leading provider of specialist retrofit services with operations in Manchester, Chesterfield and Hemel Hempstead, on its private equity investment from Cordovan Capital Management (“Cordovan”). The investment will support JPS’ long term growth strategy, led by Adam Fareham and Mark Ollerenshaw, and facilitate the retirement of founder, Jason Bracegirdle.

JPS was formed in 2010 and operates across the UK providing a range of retrofit electrical, mechanical, fire compliance, planned maintenance and refurbishment services. The business turned £20m in its most recent financial year and delivers its services using more than 200 specialist retrofit operatives. The company specialises in working in secure environments, across the public sector estate, social housing and private sectors, with clients including Mitie, Vinci, the Ministry of Justice and Department of Work and Pensions.

Cordovan, based in Belfast, operates across the UK and Ireland, focusing on investments in lower mid-market privately-owned businesses. The Cordovan team play an active role with their portfolio companies, partnering with founders and management to shape their businesses to be the best they can be through strategic development, investment in people and processes, and a focus on sustainable growth.

Following the investment from Cordovan, JPS will continue to be led by Managing Director, Adam Fareham, and Director Mark Ollerenshaw. They will be joined on the board by incoming Chairman, Paul Muncaster, who brings more than 20 years’ experience in the facilities management, mechanical and electrical and fit out spaces, together with Stephen McClelland, Partner at Cordovan.

Adam Fareham commented: “Welcoming Cordovan as a new equity partner marks a new chapter in the story of JPS, supporting our long-term growth strategy and reinforcing confidence in our people, performance, and future direction. Cordovan’s investment provides additional financial strength and strategic support, enabling further investment in systems, processes, and, most importantly, our people. We look forward to this exciting next chapter for JPS.

At the same time, we want to recognise the contribution of Jason Bracegirdle; Jason played an important role in the growth of JPS over more than 15 years, and we thank him sincerely for his commitment and service.

Finally, we’d like to thank our advisor team and in particular Ryan and the team at DSW, who were hands on at every stage of the process from inception to completion, led negotiations with skill and vision and were fundamental in finding the right investor for the future success of JPS.”

JPS was advised by a corporate finance team from DSW’s Midlands office, led by partners Ryan Shields and Harry Walker, with support from Associate Director, Daniel Choucino, and Manager, Ishan Sharda. Legal advice to the sellers was provided by a team from Wilsons Solicitors LLP, led by James Johnson, with tax advice provided by Menzies LLP. Cordovan received legal advice from DWF, led by Scott Kennedy; financial due diligence was provided by HNH Partners, led by Rod McCaughey.

Ryan Shields, Partner at DSW, added: “We enjoyed bringing together our expertise across both the private equity market and the sector to lead this significant built environment platform deal on behalf of JPS. From day one, we aimed to understand all the shareholders and management’s goals and crafted a process and deal that met or exceeded those aims. Marking the end of 2025 and the start of a new year with this completion, we echo everyone’s confidence in the successful future of JPS and look forward to supporting more clients to execute exciting transactions in 2026.”