Leading mid-market private equity investor LDC has supported the secondary buyout of precision engineering specialist ELE Advanced Technologies (“ELE”) from Albion Capital and Maven Capital Partners.
Headquartered in Colne, Lancashire, ELE is a leading manufacturer of specialist components for aerospace, industrial gas turbines, and commercial diesel sectors, with its clients including Rolls-Royce, Safran, Siemens, GE Avio, GE Power and MAN Diesel & Turbo.
ELE’s precision engineering capabilities enable it to produce complex parts for turbine blades, vanes and compressor blades, and it also supplies turbo charger components to the automotive sector from its manufacturing plant in Trencin, Slovakia.
In its latest financial year ELE generated revenues of almost £14million, and currently employs more than 180 people from its facilities in Colne and Trencin, Slovakia.
LDC’s investment will support the business to further establish its position as a strategic supplier for its customers. The management team is committed to continuing organic growth and investing in its manufacturing infrastructure to increase capacity and meet the increasing global demand for its products.
LDC is backing the current management team led by CEO Manesh Pandya, Finance Director David Stanley, Technical Director David Dudley, Head of Manufacturing Adam Forsyth and Head of Sales Sundeep Ammineni. The deal marks an exit for Albion Capital and Maven Capital Partners.
The transaction was led by LDC’s Chris Handy and Rob Schofield. Chris and Rob will be joining the board as a Non-Executive Directors. Dave Johnson - who has experience working with private equity-backed engineering firms – will be joining the board of ELE as Non-Executive Chairman.
Manesh Pandya, CEO of ELE, said: “Our precision engineering capabilities give us a unique proposition that has enabled us to grow significantly and tap into global demand for specialist components. With LDC’s support we can accelerate our growth ambitions and seize new opportunities to increase our market share even further.
“The team at LDC has a stellar track record in manufacturing and mirrored our vision for the business. We look forward to building on our success to date in the coming months and years.”
Chris Handy, Investment Director at LDC, added: “Manesh and his team have a wealth of experience in precision engineering, with ELE’s hallmark of quality being recognised across multiple sectors worldwide.”
“Together we look forward to embarking on an exciting journey which will see the business continue to grow organically both at home and overseas, and also drive investment in its manufacturing capabilities to meet the ongoing demand for its products.”
LDC was advised by Springboard.
Albion Capital and Maven Capital Partners were advised by Livingstone.
Debt facilities were provided by Lloyds Bank.