LDC enters agreement to exit from BOFA International to US-listed Donaldson Company

Lincoln International (“Lincoln”), a leading global mid-market investment bank, is delighted to have represented the shareholders of BOFA International (“BOFA”) on its sale to Donaldson Company (NYSE:DCI) (“Donaldson”), a global leader in the filtration industry with sales, manufacturing and distribution locations around the world. Donaldson has entered into a binding agreement to acquire a majority stake in BOFA for approximately £79 million.

BOFA designs, develops and manufactures fume extraction systems across a wide range of industrial air filtration applications. The company has its head office, manufacturing facility and R&D centre in Poole, UK with other sales and operations in the US and Germany. BOFA has approximately 250 employees and was founded in 1987. The company has experienced significant growth since the management buyout by mid-market private equity investor LDC in 2015 with substantial investment made in the company’s infrastructure, international growth strategy and product development.

Tony Lockwood, Managing Director of BOFA, commented, “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.”

Phillip McCreanor, Managing Director and Head of UK Investment Banking at Lincoln International, stated, “In Donaldson, BOFA has found a very natural home and will benefit from Donaldson’s technology and global reach. We are delighted to have successfully advised the shareholders of BOFA which represents another significant transaction for Lincoln in the filtration sector.”

The transaction is subject to customary conditions including receipt of required regulatory approval.

Lincoln acted as the exclusive financial advisor to BOFA and LDC, working closely with its shareholders and management team throughout the sale process. This included providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction.

LDC BOFA Donaldson
  • 2018
    Close Year
  • Industrials
    Industry
  • PE Backed
    Client Type
  • Strategic | Cross-border
    Transaction Type
  • United Kingdom | USA
    Countries

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