Private equity lawyers from Wragge Lawrence Graham & Co have advised mid-market private equity house LDC on its £42 million buyout of Eley Group.
Midlands manufacturer Eley Group makes .22LR rounds for the target shooting market which are used by Olympic-standard athletes at all major tournaments.
Wragge Lawrence Graham & Co advised LDC on the terms of Eley Group’s acquisition from Birmingham-headquartered global engineering business IMI, as well as on the negotiation of the bank facilities with HSBC.
The team comprised experts from private equity, transaction services, real estate and banking, including partner Jeremy Millington, directors Chris Towle and Graham Spalding, associate Navin Prabhakar and solicitors Caroline Frost, Stephanie Brigham and Laura Dick.
Mr Millington said: “The transaction marks another LDC investment in a leading mid-market business using capital from its £500 million manufacturing and specialist engineering commitment.
“Our longstanding relationship with LDC has given us a good understanding of their requirements and helped us to provide effective and efficient support to LDC’s investment team.”
Andy Lyndon, director at LDC added: “Following the successful completion of this deal, we’re looking forward to working closely with Eley to strengthen its market-leading position and accelerate the next phase of growth and expansion.
“Wragge Lawrence Graham & Co has supported us on a number of investments over recent years and we can rely on them to deliver the expert and practical legal advice we need to close deals.”
Pinsent Masons acted for IMI, Gateley acted for HSBC and Mills & Reeve acted for the Eley management team.