As part of the deal, LDC, the private equity arm of Lloyds Banking Group, has invested £13m of equity for a significant stake in the company, supporting a management team led by current managing director Ian McMurray.
Erdington-based Precision Micro manufactures over 50 million high-precision metal components each year for global manufacturing customers across multiple markets. Its photo-chemical etching process is said to provide a cost-effective alternative to traditional sheet metalworking when machining precision parts from thin gauge metals.
The company’s components enable next-generation aircraft engines, zero-emission vehicle technology, surgical instruments, titanium implants, a wide range of consumer electronics, safety-critical vehicle ABS braking systems and premium interior trim for brands including Rolls-Royce, Mercedes, Jaguar and Bentley.
With offices in Germany and The Netherlands, over 75 per cent of its £15m sales come from overseas markets.
McMurray said the investment would enable the company to exploit global trends in its core markets, including the increasing preference for complex, burr and stress-free components manufactured from high-performance metals, rising quality standards, the miniaturisation of electronics and increasing demand for clean and fuel-efficient vehicles.
He said: “We see enormous opportunity across our markets as equipment manufacturers look for ever-more cost-effective, reliable, safe and high-performing components. Securing the backing of an experienced and supportive partner like LDC means we can invest further in the business.”
Dave Johnson will join the business as non-executive chairman. Johnson has held several, senior positions at companies including Lucas, BTR and Dunlop Aerospace. Chris Handy, investment director at LDC, will also join the board as non-executive director.
Oxa launches autonomous Ford E-Transit for van and minibus modes
I'd like to know where these are operating in the UK. The report is notably light on this. I wonder why?