Ventilation systems specialist Monodraught has received a £2.65m investment from BGF to support its long-term growth plans. The High Wycombe headquartered company will use the funding for product development and expansion into new markets.
Led by managing director Andrew McCubbin, Monodraught designs, manufactures, installs and maintains ventilation, cooling and lighting systems to create low energy, low carbon and sustainable buildings. The business works predominately within the education sector and provides a full service, from 3D building simulation analysis through to installation and maintenance.
Having partnered with many leading UK universities in R&D, Monodraught has a long history of innovating and pioneering the launch of products for the built environment. It is recognised as a market leader in sustainable ventilation, cooling and lighting systems.
BGF’s funding will be used to develop a complete commercial ventilation and cooling product portfolio, allowing Monodraught to move into new markets. BGF, the UK’s most active investor in small and mid-sized businesses, provides long-term funding as a minority equity partner in the companies it backs.
Following an introduction by BGF, Monodraught has appointed Ewan Wilson as non-executive chairman. Ewan is former managing director of cabling solutions company HellermannTyton Data and current non-executive chairman of Camloc Motion Control.
Andrew McCubbin MD of Monodraught said: “After several years of growth, we are in an excellent position to expand organically through the rollout of our new products. BGF’s long-term approach to investing fits with our plans and aspirations as a business and we are looking forward to the next stage of growth with BGF as our partner.”
BGF’s Mark Nunny who will join the board of Monodraught said: “Monodraught has continually invested in and protected its IP which gives it defensible positions in its chosen markets. With BGF funding and the support of Ewan, the management team now has the opportunity to move into new markets and develop complementary technologies to increase its share of wallet on specific projects. We are looking forward to working alongside Andrew and the team to support them in delivering their vision.”
BGF is the UK’s most active provider of growth capital to small and mid-sized businesses. The companies it backs are privately-owned or listed on AIM, and typically have revenues of between £5m and £100m. BGF makes initial investments of between £2m-£10m and can provide additional funding to support further growth. The investment provided is typically in the form of equity in return for a minority equity stake.
BGF is an independent company with capital of up to £2.5 billion and is backed by five of the UK’s main banking groups - Barclays, HSBC, Lloyds, RBS and Standard Chartered. www.bgf.co.uk