LDC sells BOFA to Donaldson Company in £90m deal

Donaldson acquired an 88% stake in the company for £79m, bringing to an end a three-year holding period for LDC.

BOFA has expanded into new markets, invested in product development and undertaken an international growth strategy under LDC, with the launch of a new office in Hamburg and the expansion of its US office in Illinois. It has increased its headcount by around 50% since the firm's initial investment.

According to a statement issued by the vendor, the company has almost doubled its turnover during the PE house's tenure, with revenues projected to reach £32m in its current financial year. Around 90% of its sales are accounted for by sales in the US, continental Europe, Africa, the Middle East and Asia.

LDC's investment in BOFA was managed from its Reading office. The sale is subject to regulatory approval.

Previous funding
LDC invested £23m in the management buyout of BOFA in 2015.

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, mechanical engineering, laser, printing, 3D printing, pharmaceutical and dental markets. Its clients include ASM Pacific Technology, Videojet Technologies, Roland and Markem-Imaje.

People
LDC – Christian Bruning, Chris Baker (investment directors).
BOFA International – Tony Lockwood (CEO).

Advisers
Vendor – Lincoln International (corporate finance); Shoosmiths (legal); KPMG (financial due diligence); CIL (commercial due diligence); Quantuma (corporate finance).
Acquirer – Baker McKenzie (legal); Deloitte (corporate finance).

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