Senior plc acquires LPE
Senior plc is pleased to announce that it has acquired 100% of the issued share capital of Lymington Precision Engineering (LPE) Limited, from management and Vine Street Capital.
LPE is a leading manufacturer of precision-machined components, fabrications, assemblies and kit sets for the oil and gas,telecommunications, aerospace, defence, land and sea systems, nuclear and marine industries.
The Company is based in Lymington, Hampshire, UK and employs over 180 people. It has been operating for over 30 years and has 121,000 sq. ft. of manufacturing space equipped with the latest manufacturing technology. This includes numerous multi-axis CNC machines, with turning and milling capability up to 4 metres in length and flexible manufacturing systems capable of unmanned working to produce components to close tolerances 24 hours per day.
LPE will form part of Senior’s Flexonics Division with the current management team staying with the business following acquisition.
LPE’s impressive capabilities and customer focus, together with contracted growing revenue from existing nuclear, marine and aerospace customers, mean the Company’s future prospects are encouraging. In addition, LPE is very well-positioned to benefit from a recovery in the oil and gas industry when it comes.
Commenting on the acquisition, Mark Rollins, Senior’s Group Chief Executive, said: “I am very pleased to announce the acquisition of LPE and to welcome all of its employees to the Group. LPE represents an excellent addition to Senior’s portfolio, strengthening the Group’s precision machining capabilities and providing access to LPE’s strong customer relationships and adjacent markets. Combined with Senior’s wider market access and financial strength, LPE represents an excellent platform to enhance the longer-term growth prospects for the Senior Group.”