BOFA, a leading designer, developer and manufacturer of fume extraction and filtration systems, won both ‘Management Team of the Year’ and ‘Large Deal of the Year’ at the 2019 Solent Deal Awards last night, this follows the team also taking home the ‘South West Mid-Market Management Team of the Year‘ at the Wales and South West BVCA Management Team Awards on 13 May 2019.
These award wins recognise the huge success the BOFA team, led by CEO Tony Lockwood, have enjoyed in its final year of partnering with LDC. It is a testament to their ambition and endeavour to continue to grow the business and lead their sector.
LDC completed the sale of BOFA to NYSE-listed Donaldson Company, the leading worldwide manufacturer of filtration systems and parts, in September 2018. The deal valued the business at £90million and marked an exit for LDC after we backed the £23million management buyout in 2015.
During our three-year partnership with BOFA, the firm almost doubled its revenues due to the continued investment in the company’s infrastructure to support the businesses’ global growth strategy.
With LDC, BOFA established its first European on-the-ground presence with an office in Hamburg, Germany and invested in its US-based operation in Illinois, which has since delivered 23% year-on-year growth. When LDC exited, around 90% of BOFA’s revenues were to export markets in the US, Europe, Africa, Middle East and Asia.
The Solent Deal Awards, organised by The Business Magazine, brings together corporate finance advisers, lawyers, bankers, private equity investors, accountants, and funding specialists from across the Solent region, in addition to the management teams that have led the deals themselves.