Par Equity has concluded an £800,000 investment in Kibosh Ltd, designer of the world’s fastest leaking-pipe repair kit.
The innovative Kibosh equipment enables DIY enthusiasts, professional plumbers and tradespeople to mend leaking pipes simply and quickly without having to turn off the supply to water and central heating systems.
It was invented in 2009 by Ross Dickinson (pictured above), a plumbing and heating engineer, after he became frustrated with existing equipment.
The kit, which is now widely on sale in plumbers’ and tool supply merchants, significantly reduces water loss and damage in homes. It is also now used in factories and other industrial situations, where it can help limit pollution.
Kibosh are now developing equipment to deal with leaks in pipes carrying oil, gas and other liquids. The money from Par, which specialises in identifying and supporting rapid-growth businesses, will enable Kibosh to accelerate their expansion into the oil and gas and other sectors. It follows reports from experts at the University of Strathclyde and Heriot-Watt University who confirmed the potential for Kibosh’s technology to be used in large-scale industrial situations.
Ross Dickinson, founding Managing Director of Kibosh Ltd, said: “Over the past ten years Kibosh products have become very popular with domestic tradespeople and of course plumbers. The funding from Par Equity will enable us to expand the business into much larger global markets. I’ve already had requests for bespoke products from power stations and many other industrial outfits. I’m extremely grateful for the confidence that Par Equity has in the business. Their money means we will have the technology and management strength to grow quickly and successfully.”
As a result of the funding, Kibosh has made two key appointments. John Breslin, an experienced interim CEO and angel investor, joins as the new Managing Director and Keith Gibson, who has corporate finance experience and a private equity background with a particular focus on the industrial sector, is now the company chairman.
Aidan MacMillan, Investment Manager at Par Equity, said: “Investing in Kibosh at this stage in its development makes absolute sense for us. Their products are tried, tested and unique. Leaking pipes afflict more than just ordinary households. This is an issue for global industries too. The need to get a fix in place as quickly as possible is vital in protecting assets, the environment and business reputations.”
Kibosh’s intellectual property is underpinned by registered trademarks and design protection as well as patents. The firm, which has been generating revenue since 2012, first received funding support from Business Gateway and Scottish Enterprise for business plans and marketing assistance. The Oil and Gas Innovation Centre (OGIC) supported product development.