FDC abandons £ 2.5million investment in manufacturer
The exit from the investment follows its Walsall-based Bowman Stor revenue growth of more than 30% since obtaining FDC funding in 2018, with the business expanding into Europe.
Bowman Stor initially received FDC’s £ 2.5million investment to facilitate a takeover by its chief executive, Richard Potts. Since taking full ownership, Richard has guided the company on its growth journey, entering new international markets, while earning key industry accreditations such as the German DIBt.
Founded in 1998, Bowman Stor specializes in the design, development, manufacture and distribution of industrial condensate filtration systems, with its revolutionary patented SILEXA ™ filter made from recycled glass. Bowman Stor supplies industries such as automotive, aerospace, engineering, healthcare, water treatment and pharmaceuticals.
Richard Potts, Managing Director of Bowman Stor, said: “Frontier Development Capital has been instrumental in our growth journey. The firm not only provided funding, but a long-term partnership, based on expert advice and a deep understanding of our organization.
“Since the investment, we have been able to accelerate our growth – increasing revenues, expanding the team and building relationships with clients across Europe.
Bowman Stor’s growth has enabled it to fully repay FDC’s investment and begin accessing traditional bank financing. The company is poised to continue its global expansion, with plans to break into the Middle East.
Clive Broadhurst, Portfolio Manager at Frontier Development Capital, said: “FDC is committed to supporting regional businesses across the UK. Our approach is not only focused on financing, but also on working with companies to ensure that they realize their long-term growth potential.
“Bowman Stor is a great example of the successful partnership we aim to foster. This release represents a new chapter for the company, which continues to innovate and enter new markets. We look forward to the company moving forward on its growth path now. “
FDC provides flexible long-term debt financing of up to £ 7.5million for growth capital, shareholder transactions and property development to businesses across the UK.