Private equity firm Maven has sold ELE Advanced Technologies to private equity firm LDC, generating a 4.4x return for investors.
ELE provides specialised precision metal cutting processes for turbine blades and supplies turbo charger components to the automotive sector. The business currently employs 180 people in its facilities in Lancashire and Slovakia.
Maven backed a management buyout of the business in 2000 and since then it has supported the development of the business through the building of a manufacturing facility in Colne, Lancashire and the opening of a machining facility in Slovakia.
ELE’s blades are widely used in the industrial gas turbine, aerospace and commercial diesel sectors, where its clients include Rolls-Royce, Safran, Siemens, GE Avio, GE Power and MAN Diesel & Turbo.
Mike Collis, Head of Portfolio at Maven, said: “The sale of ELE is a positive strategic move for the business, enabling it to accelerate its growth plans, and has delivered a good return for investors in Maven Income and Growth VCT PLC. ELE’s progress since the original MBO is a reflection of the quality of the business and its reputation in a specialist market, and we are proud to have supported the management team since 2000.”
Manesh Pandya, CEO at ELE, added: “With backing from Maven we have been able to develop niche technologies and capabilities that has enabled us to grow and supply our products globally.”