BOFA International Ltd has announced it is to be acquired by Donaldson Company, Inc. Donaldson is a global leader in the industrial air filtration market, manufacturing filtration systems and parts.
BOFA, headquartered in Poole, Dorset, has experienced significant growth since a management buyout supported by mid-market private equity investor LDC in 2015. Over the past three years, substantial investment has been made in the company's infrastructure, international growth strategy and product development. Revenues have almost doubled to £27m and headcount has increased by 50%.
In 2017, BOFA secured a footprint in Europe, opening its first office in Germany. Its Illinois-based subsidiary, BOFA Americas, Inc has continued to go from strength to strength, delivering 23% year-on-year growth. Earlier this year BOFA opened its new head office and centre of excellence in Poole, growing its UK facilities by 25%.
BOFA has been recognised for its market-leading products, receiving two Queen's Awards for Enterprise for outstanding achievement by a UK business in International Trade, and for Innovation in developing its world-first Intelligent Operating (iQ) system. Earlier this year, the company was recognised for its fast-growing worldwide sales in The Sunday Times HSBC International Track 200.
The arrangement brings many clear synergies, with Donaldson's portfolio of large scale industrial extraction systems complementing BOFA's extensive range of portable extraction systems. The acquisition will enable BOFA to continue pushing the boundaries of fume and dust extraction technology in both product development and industry sector applications globally.
Tony Lockwood, Managing Director of BOFA, said: "We are looking forward to the next chapter in the BOFA story. Innovation and customer service have long been at the heart of our ethos and this will only get stronger as a result of this new partnership. There are many exciting developments in the BOFA pipeline, including bringing the iQ2 platform to market in 2019, and with the added strength of Donaldson, we are ambitious to further widen the technology gap with our competitors in the fume and dust extraction market."
Donaldson's Chairman, President and CEO, Tod Carpenter said: "The acquisition of BOFA aligns well with our strategy by growing our industrial air filtration business and diversifying our company through technology-led filtration solutions. I look forward to welcoming BOFA's employees and customers to Donaldson Company, and supporting the BOFA team as they continue to grow their business."