In a £42m move, LDC has bought ammunition manufacturer Eley Limited from IMI, and promises more expansion of the Sutton Coldfield firm is on the way.
LDC are private equity specialists with a 30 year history of supporting management buy-outs, equity release, development (DevCap) and acquisition finance transactions.
The Eley Group currently employs more than 120 people, and in 2014 is forecast to generate turnover of £17million and EBITDA of £6.1million. The existing management team, led by Andrew Lane, will continue in its role.
Andrew Lane said: “While Eley’s growth has been strong over the past few years, IMI is now focused on specialist flow control activities. In LDC we have found an investor that has similarly ambitious targets and who fully buys into our business plan and development strategy.
“As a result of this deal, we are able to confirm that fresh capital expenditure at the site will see production increased, that a new round will be launched and that a further test facility will be opened in the strategically important Scandinavian market-place.”