UK - Barclays Ventures backs BIMBO of Howorth Airtech

Sarah
25 October 2007

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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.

In the Medical market Howorth designs, manufactures and installs ultra clean air systems and ancillary products for operating theatres. It currently has an installed base estimated to be over 2,000 units in the UK, Europe, USA and the Far East. With the increasing importance of reducing infection rates and the adverse publicity surrounding MRSA, it is anticipated that Howorth’s “Exflow” system is well positioned to gain further market penetration in the international market place.