Lancashire-based ELE Advanced Technologies has secured funding from LDC (the private-equity arm of Lloyds Banking Group) to complete a buy-out from Albion Capital and Maven Capital Partners.

The company (www.eleat.co.uk) manufactures specialist components for the aerospace, industrial gas turbine and commercial diesel sectors, and it counts Rolls-Royce, Safran, Siemens, GE and MAN Diesel & Turbo among its customers.

It can produce complex parts for turbine blades, vanes and compressor blades; it also supplies turbocharger components to the automotive sector from its manufacturing plant in Slovakia.

LDC is backing the current management team, led by CEO Manesh Pandya, who said: “Our precision engineering capabilities give us a unique proposition that has enabled us to grow significantly and tap into the global demand for specialist components.

"With LDC’s support, we can accelerate our growth ambitions and seize new opportunities to increase our market share even further.”

LDC’s Chris Handy said: “Manesh and his team have a wealth of experience in precision engineering, with ELE’s hallmark of quality being recognised across multiple sectors world-wide.

"We look forward to embarking together on an exciting journey that will see the business continue to grow organically — both at home and overseas — and drive investment in its manufacturing capabilities to meet the on-going demand for its products.”