Overseas ambitions for manufacturer thanks to £12m backing from BGF
A Greater Manchester manufacturer of water filtration products is planning overseas expansion after securing £12m backing from BGF.
Wigan-headquartered Evolution Aqua will use the funds to expand its products into other markets including swimming pools and the rapidly growing aquaculture space while also driving international expansion.
The team is led by CEO and founder, Nick Jackson, and the business has been primarily focused on the aquatics industry for both indoor and outdoor fish care.
Nick said: “Over the past 20 years, Evolution Aqua has been at the forefront of water filtration technology, continuously developing products for our wide range of users, all of which rely on our products to maintain high water qualities.
“We are now in a position to rapidly build on the platform we have created, which will include launching exciting new products and expanding our international presence. BGF, with its minority, patient capital approach and flexibility, are therefore a perfect partner to embark on this next stage of growth.”
The deal was led by Neil Inskip and Josh Bean, investors in BGF’s Manchester team.
As part of the deal, David Algar will be joining the Evolution Aqua board as non-executive chair.
Sourced through BGF’s Talent Network, David brings a wealth of experience to the board, most recently as Executive Chair and CEO of private equity-backed fishing tackle business Fox International, where he helped double the size of the business and led a successful exit to a US trade buyer.
David is also former CEO of leading gardening supplier company, Hozelock.
Neil Inskip, head of BGF in the North West, said: “Evolution Aqua is a market leader in the outdoor pond and water filtration space, particularly at the upper end of the market.
“With an excellent reputation for quality and reliability, coupled with an extensive and growing product range and significant sector potential, there’s a real opportunity for Nick and the team to maximise their growth ambitions and take their award-winning filtration technology into untapped markets.”
Advisors on the transaction were:
– Michael Reeves, Zack Goddard, Dom Moir and Andrew Royle at Clearwater International (lead advisor to Evolution Aqua)
– Ward Hadaway (legal advisor to Evolution Aqua)
– Squires Patton Boggs (legal advisor to BGF)
– Hurst (tax DD for BGF)
