IMI — the Birmingham-based engineering group — has sold Eley Ltd, Eley Americas Inc and Accles & Shelvoke Ltd to private-equity firm LDC for £42 million. These businesses are based in Sutton Coldfield and employ a total of 122 people.

Eley is a manufacturer of sporting ammunition (used by Olympic athletes), while Accles & Shelvoke makes captive bolt equipment. They recorded revenues of £15 million and operating profits of £4.4 million in 2013.

Chief executive Mark Selway said: “The disposal of these non-core businesses further sharpens our focus on our core specialist flow-control activities. Our strategic plan to double the group’s operating profits over the next five years is now being
executed, and the proceeds from this sale will be used to exploit some of the good growth opportunities available to us.”

LDC CEO Martin Draper said: “The Eley Group comprises well-established market-leading businesses that have unrivalled reputations in their own distinct sectors. Growth is being driven by consistent demand for high-quality target-shooting rounds on a global scale, with the Eley product range firmly established as the number-one choice in the international competitive shooting space.”