LDC acquires BOFA International for £23m

The deal saw LDC back BOFA's current management team, headed by CEO Tony Lockwood, and will also introduce Chris Thomas as the new non-executive chair of the company.

The founding family will remain invested in the company, with founder David Cornell's son Chris retaining a stake in the business following the acquisition.

BOFA is now looking to finance its continued expansion and development, both in terms of size and markets served.

The buyout is LDC's third acquisition since the beginning of July, having also backed the MBO of Mini-Cam and the £35m buyout of Seabrook Crisps.

Company
Founded in 1987, BOFA is a fume extraction systems designer and manufacturer based in Poole.

The company produces extraction systems for use across a range of sectors, but primarily supplies customers in the consumer, automotive electronics, printing, pharmaceutical and dental markets.

In addition to its British headquarters, BOFA also has an operation in Illinois.

People
LDC's Reading office led the deal, headed by investment director Christian Bruning and investment manager Chris Baker. Bruning and Baker will both join BOFA's board. Tony Lockwood is the CEO of BOFA.

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• Topics
• UK / Ireland
• Buyouts
• Industrials
• United International Bank (UIB)
• LDC