Poole-based BOFA International (
www.bofa.co.uk), which designs and manufactures fume extraction systems, has been the subject of a £23 million management buy-out.
The buyers were backed by private-equity firm LDC.
Chief executive Tony Lockwood, who led the MBO, said the new team is looking to expand into new markets, invest in product development and explore potential future acquisitions.
“The management team is delighted to be acquiring BOFA, as the business continues to go from strength to strength. Having achieved consistent growth in recent years, we’re well positioned to capitalise on future growth opportunities, and the financial banking and strategic input that LDC’s investment brings will have a great impact in helping us to facilitate these ambitions.”
BOFA was founded by David Cornell in 1987 and has an operation in Illinois to serve the North American and South American markets. It employs 160 people and has an annual turnover of £16 million.