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Barclays Ventures backs Howorth BIMBO
Barclays Ventures has backed the buy-in management buy-out (BIMBO) of Howorth Airtech. The funding package totals £12.5 million with senior debt and working capital provided by Royal Bank of Scotland.
Based in Bolton and employing nearly 100 people, Howorth provides clean air solutions for the medical and pharmaceutical markets in the UK and overseas.
Leading the BIMBO is Andrew Steel, who previously led the successful management buy-out (MBO) of Altair Filter Technology, which was sold to GE Energy in 2006.
Steel will be joined by Peter Lewis (previously sales director of Altair) and non-executive chairman Bob Spender.
Howorth says it has currently installed approximately 2,000 of its units in the UK, Europe, US and Asia.
The incoming management team and Barclays Ventures were advised by corporate finance firm Dow Schofield Watts.
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