Wragge Lawrence Graham & Co's have advised LDC, the UK's leading regional mid-market private equity house, on its £42 million buy-out of Eley Group.

Midlands manufacturer Eley Group is the world's leading maker of .22LR rounds for the target shooting market which are used by Olympic-standard athletes at all major global tournaments.

Wragge Lawrence Graham & Co advised LDC on the terms of Eley Group's acquisition from Birmingham-headquartered global engineering business IMI plc, as well as on the negotiation of the bank facilities with HSBC.

The team comprised experts from private equity, transaction services, real estate and banking, including partner Jeremy Millington, directors Chris Towle and Graham Spalding, associate Navin Prabhakar and solicitors Caroline Frost, Stephanie Brigham and Laura Dick.

Jeremy Millington said: "The transaction marks another LDC investment in a leading mid-market business using capital from its £500 million manufacturing and specialist engineering commitment.

"Our longstanding relationship with LDC has given us a good understanding of their requirements and helped us to provide effective and efficient support to LDC's investment team."

Andy Lyndon, Director at LDC added: “Following the successful completion of this deal, we’re looking forward to working closely with Eley to strengthen its market-leading position and accelerate the next phase of growth and expansion.

"Wragge Lawrence Graham & Co has supported us on a number of investments over recent years and we can rely on them to deliver the expert and practical legal advice we need to close deals."

Wragge Lawrence Graham & Co's Private Equity team is experienced in advising private equity and venture capital investors on a full range of matters on the life cycle of an investment and combines technical excellence with in-depth market knowledge and a commercial approach.

Highlights include advising CBPE Capital on the £183 million sale of Rosemont Pharmaceuticals by CBPE Capital LLP to Perrigo, advising MxP Partners LLP on its £80m private equity (PE) buyout of Amber Taverns and LDC's £22 million investment in premium lifestyle brand Joules.

Pinsent Masons acted for IMI, Gateley acted for HSBC and Mills & Reeve acted for the Eley management team.