Yorkshire based engineering technology business,
Reliance Precision (Reliance), has partnered with
LDC, part of Lloyds Banking Group, to support its next phase of growth.
Founded in 1920 and headquartered in Huddersfield with an additional site in Bandon, Ireland, Reliance is a precision engineering company which specialises in the design, development, manufacture and testing of process critical and mission ready components for complex environments that are engineered at micron levels of accuracy.
Reliance partners with its global customers in the life sciences, defence and space industries from early-stage concept and prototype development through to full rate, long-term production. The business employs around 240 people across the two sites.
The company has built a longstanding reputation for being closely aligned with its customers and operating as a trusted strategic engineering and technology partner in demanding and high growth end markets. The business is closely involved in its local community and offers four-year advanced engineering apprenticeships at its accredited onsite training facility.
LDC is backing CEO David Jennings, CFO Ian Walter, and the management team to support the business’ ambitious organic growth strategy. The partnership also sees Martin Whittaker join the board as Non-Executive Chairman. Whittaker, an aircraft engineer by background, is the former CEO of Survitec and Mettis Group and current Non-Executive Chair of RadioComs and Drone Evolution.
The investment was led by LDC Investment Director Will Scales and Investment Executive Connie Smith, supported by Partner and Head of Yorkshire Dan Smith.
David Jennings, CEO of Reliance, said: “Our number one priority has always been, and remains, providing a first-class service to our customers - we aim to be our customers’ chosen technology partner in support of their own long term growth strategies. Partnering with LDC will enable us to build an even more compelling and successful platform and accelerate the development of our Gemini Works new product development capabilities.
“It is very important to us to preserve our culture as we take this step forward. LDC’s long standing presence in Yorkshire and extensive experience in our sector make them the ideal partner for embarking on this next chapter with us.”
Will Scales, Investment Director at LDC, added: “Reliance is highly differentiated, offering a compelling combination of ultra precision design and manufacturing capability and providing a true end-to-end strategic service for its customers. We look forward to working with David, Ian and the rest of the management team to build on what they have achieved to date and positioning the business for further success.”
Over the last 12 months, the LDC team in Yorkshire has completed eight transactions with a combined enterprise value of approximately £500 million. The firm invested in full-service accountancy firm Fortus, cybersecurity software vendor AppCheck and passive fire protection and thermal solutions provider ARC Building Solutions.