Freeths advises management on the £22.5m MBO of Precision Micro

Freeths has recently advised the management team on the £22.5m management buyout (MBO) of Birmingham based Precision Micro Limited from global aerospace, defence and energy group Meggitt PLC.

LDC invested £13m of equity for a significant stake in the company, supporting a management team led by current Managing Director Ian McMurray.

Precision Micro Limited, Europe’s market-leading photo-chemical etching business, manufactures more than 50 million high-precision metal components each year for major global manufacturing customers across multiple markets.

The Freeths team was led by Lee Clifford and corporate senior associate Leanne Fryer.

Ian McMurray, Managing Director of Precision Micro, said the investment would enable the company to take full advantage of several positive, global trends in its core markets, including the increasing preference for complex, burr and stress-free components manufactured from high-performance metals, rising quality standards, the miniaturisation of electronics and increasing demand for clean and fuel-efficient vehicles.

He said: “We very much enjoyed working with Freeths. Freeths provided us with invaluable support throughout the transaction. They proactively guided us through the key issues on the deal and struck an excellent balance between protecting us as management and achieving a practical commercial outcome. Their in-depth private equity experience was extremely important to the overall result we achieved”