A Birmingham manufacturer which counts brands such as Jaguar and Bentley among its clients has undergone a £22.5 million management buyout.
Erdington-based Precision Micro makes more than 50 million high-precision metal components each year for major global manufacturing customers across multiple markets.
The MBO has been backed by LDC, the private equity arm of Lloyds Banking Group, from owner Meggitt, the global aerospace, defence and energy group.
As part of the deal, LDC has invested £13 million of equity for a unspecified "significant stake" in the company, supporting a management team led by current managing director Ian McMurray.
Precision Micro also operates offices in Germany and The Netherlands and more than 75 per cent of its £15 million sales come from overseas markets.
Its roots date back to the early 1900s when it was founded as a division of engravers V Siviter Smith before establishing itself in Birmingham in 1962 and being acquired by Meggitt in 2012.
Mr McMurray said the investment would enable the company to take full advantage of several positive, global trends in its core markets.
"We see enormous opportunity across our markets as equipment manufacturers look for ever-more cost-effective, reliable, safe and high-performing components," he said.
"Securing the backing of an experienced and supportive partner like LDC means we can invest further in the business, leveraging our technical expertise and processing capabilities to further support our customers around the world with increasingly sophisticated requirements.
"This is an exciting time for our team as we invest in our future growth."
LDC's investment director Chris Handy added: "Precision Micro's reputation for technical excellence, service and innovation is world-class.
"Our investment is all about helping Ian and his team unlock the business' potential by facilitating further investment in its processing capabilities, manufacturing capacity and new product introduction, helping it stay ahead of its market."
Joining the board are Dave Johnson as non-executive chairman and Chris Handy as non-executive director.
Mr Johnson has held several senior positions at companies including Lucas, BTR and Dunlop Aerospace.
Banking facilities were provided by HSBC and advising on the deal were Gateley, BDO, Springboard Corporate Finance, Freeths and Cattaneo.