London-based investment firm RDCP Group has acquired a 75 per cent stake in precision engineer Pexion Group for £34m.
The Chorley company was founded in 1986 and through a sustained buy-and-build process has created a diversified group of 16 subsidiaries. Total turnover for the group is £55m, with an EBITDA of £7m.
Together, the group's businesses offer a one-stop engineering solution covering design, development, prototyping and medium to high volume production with fully integrated supply chain solutions.
Pexion's clients include some of the world’s biggest original equipment manufacturers and tiered supply chain providers across the aerospace, defence, oil and gas, precision automotive, power generation and medical industries.
Dave Brindle, chief executive officer, and Darren Turner, chief commercial officer, will continue to lead the business as management and shareholders. Both will work closely with RDCP founders, Sameer Rizvi and Iryna Dubylovska.
The acquisition of Pexion Group increases RDCP’s assets under management to $600m, with 2,800 staff members in the UK.
Sameer Rizvi, founder and CEO of RDCP Group, said: "Pexion is an important acquisition for RDCP Group as it gives us immediate and deep access to UK’s precision engineering and precision manufacturing sectors, which typically have high barriers to entry.
"In addition, we have competed with Pexion a few times on potential acquisitions, where Pexion ultimately won the deal. Hence, I could not be more pleased to now join forces with Dave and Darren and continue this buy-and-build journey together to grow Pexion’s valuation to over £200m within the next five years.”
Dave Brindle, CEO of Pexion added: “The deal represents a significant milestone for the Pexion Group and will enable us to continue our growth trajectory and better serve our loyal and expanding customer base.
"The Pexion Group has a fantastic foundation, through its world class competences supported by a dedicated and committed workforce. We look forward to the challenge of delivering the next phase of our evolution."
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