£2.5m investment supports MBO at Black Country manufacturer

A Black Country manufacturing firm behind the world’s first condensate filter made from recycled glass has undergone a £2.5m management buy out.

Richard Potts, managing director of Bowman Stor, has bought the business backed by funding from Frontier Development Capital.

The multi-million-pound investment from FDC sees Potts become the sole shareholder of the business.

Led by Potts, who joined the business in 2012 and was appointed to MD in 2013, the company is set to pursue further growth through investment in research and development and supporting entry into new and existing markets.

Established in 1998, Bowman Stor is renowned for designing, developing, manufacturing and distributing industrial condensate filtration systems, with its revolutionary patented SILEXA filter made from recycled glass. Bowman Stor supplies domestic and international clients around the globe, across a range of sectors including automotive, aerospace, engineering, healthcare, water treatment and pharmaceutical.

Potts said: “At Bowman Stor, we’ve worked hard over the years to provide innovative solutions for businesses under increasing pressure to improve sustainability and navigate changing environmental legislation in a cost-effective way.

“By focusing on R&D, we have been able to bring to market a number of filtration products, paving the way for future growth, where our unique technology can be used to support a variety of new industries across the world. Having been part of the business for more than five years and by taking a full shareholding, I look forward to driving forward this growth and establishing our own SEPURA brand in all markets.”

Carl Perry, investment manager at Frontier Development Capital, said: “We are delighted to back our first MBO investment in the West Midlands, FDC’s support for Bowman Stor will allow Richard to remain focused on the task at hand – growing the company and adding further chapters to its already exciting story. We believe that the business has huge opportunities ahead and through Richard’s leadership and the support of ourselves and his professional advisers, we are sure that the company’s success will continue.”

Rob Griffiths from Red Clover, Philip Round from George Green Solicitors, Steve Grice from Ludgate Finance, Richard Griffiths from Higgs Solicitors and Phil Nicholls from Wilkes Tranter Accountants assisted on the deal.