20th October 2007
Dow Schofield Watts has advised on the £12.5m BIMBO of Howorth Airtech, a manufacturer of specialist equipment which keeps hospital operating theatres, clinics and laboratories free from airborne contamination, has undergone a £12.5m. The BIMBO was funded by Barclays Ventures and The Royal Bank of Scotland.
The BIMBO has been led by Andrew Steel, who previously led the MBO of Altair Filter Technology, and he is joined by Peter Lewis and Bob Spender, both of whom have considerable experience in leading international process and filtration businesses.
Howorth Airtech specialises in ‘clean air’ solutions and has two divisions. Howorth Medical manufactures equipment for hospital operating theatres, clinics and laboratories, which ensure activities can be carried out in a sterile environment. The company has installed thousands of units around the world and demand is expected to remain high as hospitals look to combat the threat of MRSA. The Pharmaceutical division provides isolation systems for clients involved in the manufacture of hazardous chemicals and drugs. These keep employees safe from potential dangers.
Howorth was formed over 100 years ago and designed the world’s first ultra clean air surgical enclosure in 1961. The company employs 100 people and has a turnover of £17m.
The RBS team of Chris Thomas, Phil Mason and Ciaran Scott provided senior debt and working capital to the management team. Barclays Ventures were led by Regional Director Andy Lees and Andy Bate.