North west precision engineering specialist ELE Advanced Technologies is targeting further overseas growth following backing from private equity firm LDC.
Lancashire-based ELE is a 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 £14m, and currently employs more than 180 people from its facilities in Colne and Trencin, Slovakia.
Mid-market private equity investor LDC has supported the secondary buyout of ELE from Albion Capital and Maven Capital Partners.
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.
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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.”