Sector

BOFA International is a multi-award winning world leader in fume extraction and filtration.

Investment type
  • Management buyout
Deal value

£23m

Exit type
  • International trade sale
Exit date

September 2018

Exit value

£90m

Quote mark

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.”

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.

Quote mark

Back in 2015, the business had reached a crossroads and we were looking for options for new ownership. Private equity came into the picture and it seemed the ideal channel for which to further develop the company and professionalise the business.”

Tony Lockwood, Managing Director
BOFA International

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.

Tony Lockwood and James Oliver from BOFA International discuss LDC’s approach

Awards

Queen’s Award for Enterprise for Innovation

2017

Mid-Market Management Team

National BVCA Management Team Awards 2019

Management Team of the Year

BOFA – Solent Deal Awards

Large Deal of the Year

BOFA – Solent Deal Awards