Business advisory firm Quantuma has advised on the sale of the double Queen's award-winning British extraction system manufacturing company BOFA International.
Business advisory firm Quantuma has advised on the sale of the double Queen’s award-winning British extraction system manufacturing company BOFA International.
This is the second time that Quantuma partner Ian Barton has advised BOFA and its shareholders, having led the advice to LDC and the management team on its £23m management buy-out in 2015.
Founded in 1987 in Poole, BOFA has gone on to develop into a global technological leader, providing fume extraction solutions across a range of applications and sectors. The business has made substantial investment in its company infrastructure, international growth strategy and product development since the MBO. This has resulted in revenues almost doubling, headcount increasing by 50 per cent and the company is now targeting a turnover of £32m this financial year.
BOFA recently opened its new head office, adding to its fabrication, main production and warehousing facilities and corporate functions. It also has a fast-growing subsidiary in the USA, and last year 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 earlier this year was recognised as one of the fastest growing exporters in the Sunday Times/HSBC International Track 200.
This deal has provided an exit for private equity firm LDC as NYSE-listed Donaldson Company takes an 88 per cent stake, valuing the business at £90m. 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.
Corporate finance partner Ian Barton advised BOFA and its shareholders on the transaction.
Ian Barton, Partner at Quantuma said: “The deal demonstrates the successful partnership of private equity investment and management to deliver exceptional growth. Having advised LDC and the management team on the initial buyout of BOFA in 2015, I have watched the business develop and grow at an outstanding rate over the past three years, which is testament to the commitment of both the management team and LDC. Donaldson represents the ideal buyer for the business, and will support BOFA’s further international ambitions. This is great success story for all involved in the deal and for the south coast business community, and we wish BOFA and Donaldson well for continued success.”
James Oliver, Finance Director at BOFA International said: “The management team are excited to be partnering with Donaldson for the next phase of growth at BOFA. Before and during the process Quantuma regularly demonstrated their understanding of our business and technology. The deal has provided a tremendous opportunity to accelerate our growth and serve our customers even better.
We were pleased to have Ian as our advisor on this transaction. Having got to know the business well since the MBO he was ideally placed to help us secure a deal with such an excellent partner.”
Andy Haywood, MC2
0161 236 1352
Notes to Editors
Quantuma is a leading business advisory firm which works with businesses at the key milestones, delivering partner led solutions to help clients take advantage of opportunities and overcome a range of operational and financial challenges, enabling them to achieve their business objectives and ambitions. Offices in London, Southampton, Marlow, Watford, Brighton, Birmingham, Bristol, Manchester, Ringwood and Weymouth. In July 2018, the firm opened two international offices in Cyprus (Nicosia and Paphos).