Gordons advises Reliance Precision management team on LDC partnership

Yorkshire based engineering technology business, Reliance Precision (Reliance), has partnered with LDC, part of Lloyds Banking Group, to support its next phase of growth.

A team from Gordons led by corporate partner Jonathan Asquez, and including corporate lawyer Daniel Callaghan and employment lawyer Oliver Allanach, advised Reliance’s management team on the deal.

Jonathan said: “This transaction brings together an exceptional management team, a high-quality engineering business and a supportive investment partner. We have acted for Reliance for more than 20 years and are proud to continue that relationship by advising management on a deal that will help accelerate Reliance’s ambitious growth plans.”

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 c.240 people across the two sites.

Reliance 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.”

For further information on the Gordons corporate and M&A team, click here.