Following Managing Director Ian Barton’s previous advice to BOFA on its £23M management buy-out in 2015, Ian was called in once again to advise on the sale of BOFA International.

Jurisdictions involved in this assignment

UK, USA and Germany

The business and background

Founded in 1987 in Poole, BOFA International is a double Queen’s award-winning British extraction system manufacturing company. It also has a fast-growing subsidiary in the USA, and in 2017 opened an office in Germany to offer sales and technical support, customer services and warehousing. In total, BOFA sells 90 per cent of its products to more than 120 countries worldwide, and in 2018 was recognised as one of the fastest growing exporters in the Sunday Times/HSBC International Track 200.

What we did

Following Managing Director Ian Barton’s previous advice to BOFA and its shareholders, leading LDC and the management team on its £23M management buy-out in 2015, Ian was called in once again to advise on the deal of a sale of BOFA International.

Outcome

Having invested in 2015 at a valuation of around £23m, with the advice of our Corporate Finance team, LDC exited the business in 2018 for £90m, having invested in the whole business to more than double profits over 3 years. This deal has provided an exit for private equity firm LDC as buyer, NYSE-listed Donaldson Company takes an 88 per cent stake. Donaldson is a global leader in the industrial air filtration market, manufacturing filtration systems and parts into a variety of industry sectors, including commercial/industrial, aerospace, chemical, alternative energy and pharmaceuticals.