London-based investment firm RDCP Group has acquired Chorley, Lancashire-based Pexion Group, one of the UK’s largest precision engineering groups, at a £34 million valuation.

The deal gives RDCP a 75% stake in Pexion, a £55 million turnover business.

RDCP is also providing Pexion with a £15 million acquisition facility to support bolt-on acquisitions.

The transaction was brought to market by Interpath Advisory and incumbent lender HSBC continues to support the business.

Pexion’s clients operate across the aerospace, defence, oil and gas, precision automotive, power generation and medical industries.

Pexion CEO Dave Brindle and CCO Darren Turner will continue to lead the business as management and shareholders.

Both will work closely with RDCP founders Sameer Rizvi and Iryna Dubylovska.

The acquisition of Pexion Group increases RDCP’s assets under management to $600 million.