LDC offloads Nuclear Engineering for €36m

Ansaldo is Italy's largest supplier, installer and service provider for power generation plants and components. It is backed by Italian state-supported fund Fondo Strategico Italiano (FSI), which this month sold 40% of the company to Shanghai Electric Group Corporation (SEC) for €400m.

Previous investment
LDC acquired a significant stake in Nuclear Engineering in April 2009 for £6.5m. Under LDC's stewardship the company has increased revenues from £18m in 2008 to £37m in 2013. The company's headcount has increased by 180 people in the last five years.

Company
Founded in 2003 and headquartered in Wolverhampton, Nuclear Engineering supplies bespoke solutions for nuclear decommissioning, nuclear new builds and the defence sector. The business, which employs 420 people, provides equipment to all UK nuclear power stations, both active and those in decommissioning stages. It is responsible for the design, construction and commissioning of the large silo emptying plants for remote material extraction from one of the principle storage buildings in Sheffield.

People
Chris Hurley, LDC's CEO, led the original investment, alongside investment director Alistair Pendleton.

Tony Eckford is chairman of Nuclear Engineering.

Advisers
Equity - Pinsent Masons (Legal); Lincoln International (Corporate finance); KPMG (Financial due diligence).

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