Multi award-winning manufacturer, Evolution Aqua, has announced a £12 million investment from the UK and Ireland’s most active growth capital investor, BGF.
Wigan-headquartered Evolution Aqua is a designer, manufacturer and supplier of a wide range of water filtration products and associated equipment, primarily focused on the aquatics industry for both indoor and outdoor fish care.
The funding will allow the business to capitalise on ambitious growth opportunities in core markets and drive international expansion. The significant minority investment will also enable the existing management team, led by CEO and founder, Nick Jackson, to expand on application of Evolution Aqua’s market leading water filtration technology into other vertical markets, including swimming pools and the rapidly growing aquaculture space.
Commenting on the deal, Evolution Aqua’s CEO Nick Jackson said: “Over the past 20 years, Evolution Aqua has been at the forefront of water filtration technology, continuously developing products for our wide range of users, all of which rely on our products to maintain high water qualities. We are now in a position to rapidly build on the platform we have created, which will include launching exciting new products and expanding our international presence. BGF, with its minority, patient capital approach and flexibility, are therefore a perfect partner to embark on this next stage of growth.”
The deal was led by Neil Inskip and Josh Bean, investors in BGF’s Manchester team. As part of the deal, David Algar will be joining the Evolution Aqua board as Non-Executive Chair. Sourced through BGF’s Talent Network, David brings a wealth of experience to the board, most recently as Executive Chair and CEO of private equity-backed fishing tackle business Fox International, where he helped double the size of the business and led a successful exit to a US trade buyer. David is also former CEO of leading gardening supplier company, Hozelock.
Neil Inskip, head of BGF in the North West, said: “Evolution Aqua is a market leader in the outdoor pond and water filtration space, particularly at the upper end of the market. With an excellent reputation for quality and reliability, coupled with an extensive and growing product range and significant sector potential, there’s a real opportunity for Nick and the team to maximise their growth ambitions and take their award-winning filtration technology into untapped markets. We’re delighted to be supporting Evolution Aqua on this exciting journey, as they aim to capitalise on the potential that lies ahead.”