Barclays Ventures has backed the buy-in management buyout (BIMBO) of Howorth Airtech Ltd. Based in Bolton and employing nearly 100 people, Howorth provides ultra clean air solutions for the medical and pharmaceutical markets in the UK and overseas. The total funding package for the acquisition and the development of the business going forward was £12.5m. Senior debt and working capital was provided by the Royal Bank of Scotland. Leading the BIMBO is Andrew Steel, who previously led the successful management buyout of Altair Filter Technology Ltd, which was sold to GE Energy in 2006.
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Fund complements PAI's existing large-cap strategy with the aim of targeting mid-sized companies across Europe
Fund invests in European digital platforms and marketplaces, targeting pre-seed and seed rounds
Management team is led by Chris Shaw who was appointed as chief executive in September 2017