UK . M & A
A consortium of investors led by Tony Davies, the former CEO of Bowman Power Systems, has bought the company and saved it from bankruptcy. Bowman, which is a specialist in the relatively new technology of microturbine based small scale CHP systems, went into administration late last year. The company, based in Southampton, UK, ran into difficulties following a disagreement among its major shareholders on the future business strategy of the company, resulting in a number of them declining to fund the next stage of the company’s development. This forced the company into Administration.
Bowman research, develop, manufacture and market a range of CHP units commonly installed commercial and industrial sites, The sale includes Bowman’s Californian subsidiary, which distributed the Bowman product in the USA. “It is always very distressing when innovative businesses like Bowman flounder,” commented Antony Fanshawe of recovery specialist Fanshawe Lofts which negotiated the sale. “At this stage of its development, Bowman is looking to expand its research and development operation and is seeking further funding from shareholders to carry the business forward to full commercial release in 2005. Bowman is acknowledged to be at the cutting edge of technology and, given its green credentials, has the key ingredients for exploiting a substantialmarket …” The Bowman system is based on compact gas turbines, high speed generator technologies and associated power electronics and is primarily designed to run on gaseous fuels. It can be adapted to operate on other fuels, and some progress has been made in developing a range to run on by-products of the forestry
and joinery industries.