Frontier Development Capital (FDC) has successfully exited its investment in a Black Country manufacturer, behind the world’s first condensate filter made from recycled glass.
The investment exit follows Walsall-based Bowman Stor growing its turnover by over 30% since securing the FDC funding in 2018, with the business expanding into Europe.
Bowman Stor initially received the £2.5m investment from FDC to facilitate a management buyout (MBO) by its managing director, Richard Potts. Since taking full ownership, Richard has guided the company on its growth journey, breaking into new international markets, while also securing key industry accreditations such as German DIBt.
Established in 1998, Bowman Stor specialises in designing, developing, manufacturing and distributing industrial condensate filtration systems, with its revolutionary patented SILEXA™ filter made from recycled glass. Bowman Stor supplies sectors including automotive, aerospace, engineering, healthcare, water treatment and pharmaceuticals.
Richard Potts, managing director of Bowman Stor, said: “Frontier Development Capital has played an integral role in our growth journey. The firm has not only provided funding, but a long-term partnership, founded on expert advice and an in-depth understanding of our organisation.
“Since the investment, we’ve been able to accelerate our growth – increasing revenues, expanding the team and establishing relationships with customers across Europe.”
Bowman Stor’s growth has enabled it to repay FDC’s investment in full and begin accessing mainstream bank finance. The firm is set to continue its global expansion, with plans to break into the Middle East.
Clive Broadhurst, portfolio director at Frontier Development Capital, commented: “FDC is committed to supporting regional businesses across the UK. Our approach is not only centred on providing funding, but working with businesses to ensure they realise their long-term potential for growth.
“Bowman Stor is an excellent example of the successful partnership we aim to foster. This exit represents a new chapter for the business which continues to innovate and break into new markets. We look forward to the firm now progressing on its growth trajectory.”
FDC provides flexible long-term debt funding of up to £7.5 million for growth capital, shareholder transactions and property development to businesses across the UK.