IMI offloads two key companies for £42m

6th Oct 2014 14:40

IMI has announced the successful sale of two of its group companies for a total consideration of £42m.Ammunition vendor Eley and captive bolt equipment seller Accles and Shelvoke have both been handed over to a management team supported by private equity firm LDC and led by Managing Director Andrew Lane. In 2013 the two companies brought in revenues of £15m and an operating profit of £4.4m.IMI chief executive Mark Selway said today: "The disposal of these non-core businesses further sharpens our focus on our core specialist flow control activities.""Our strategic plan, to double the Group's 2014 operating profits over the next five years, is now being executed and the proceeds from this sale will be utilised to exploit some of the good growth opportunities available to us."