Investment type
- Management buyout
The fume-extraction specialist transformed from a small family business to an international market-leader during our partnership.
Tony Lockwood, Managing Director
BOFA International
Award-winning growth
Just two years after the investment, in 2017, BOFA won a coveted Queen’s Award for Enterprise for Innovation for its unique and revolutionary Intelligent Operating (iQ) system. The award recognised not just the innovative nature of the product, but also its strong financial performance.
Then, in 2018, the business appeared in The Sunday Times HSBC International Track 200, which lists the companies achieving the fastest rates of growth in overseas sales.
This was thanks in large part to the company establishing its first on-the-ground presence in mainland Europe with an office in Hamburg, Germany as well as investing in its US-based operation in Illinois. A move that led the US office to deliver 23% year-on-year growth and the business to increase its employee numbers by more than 50% in three years.
This expansion helped push international sales to over £21m by 2018.
During our partnership, overall revenues almost doubled, thanks to continued investment in the company’s infrastructure to support the businesses’ global growth strategy.
A true partnership
Our support for the business was much more than financial, and we worked very closely with the team, consulting on strategy and tapping into our extensive network of contacts to support the board.
Tony Lockwood said: “The LDC team played a significant role in helping us achieve the success we did, focusing our strategy and helping us to find the right people at the right time to meet our goals. Crucially, though, their input was always supportive and encouraging, rather than mandatory or demanding.”
The next chapter
In September 2018 LDC completed the sale of BOFA to NYSE-listed Donaldson Company, Inc. (NYSE:DCI), the leading worldwide manufacturer of filtration systems and parts. Donaldson agreed to acquire an 88% stake in BOFA for £79m valuing the business at £90m and marking our exit from the business.
2017
National BVCA Management Team Awards 2019
BOFA – Solent Deal Awards
BOFA – Solent Deal Awards