LDC-backed Precision Micro recognised by the BVCA for ESG and innovation
8 Sep 2023
8 Sep 2023
LDC portfolio company Precision Micro has been recognised for exceptional performance in ESG and innovation as part of this year’s BVCA Vision 2023 Awards.
Vision 2023 celebrates the management teams running private equity-backed businesses and recognises them for their progress in competitiveness, growth, innovation and ESG. Precision Micro, a leading provider of high-precision components using photochemical etching, was named one of this year’s winners in the Midlands.
The business, which has been backed by LDC since 2018, was commended for its global reach. It serves leading names across high-tech industries, exporting over 60 million components to more than 30 countries, which contributes to over 75% of their revenue, versus a UK manufacturing average of 45%.
ESG is also at the forefront of the business’ strategy with chemical etching applications reducing fossil fuel usage. The team was recognised for its active involvement in supporting Net Zero technology, which spans hydrogen generation and storage, carbon capture, renewable energy, hydrogen drivetrains and electric vehicles. Its waste management strategy has achieved a 98% recycling rate, a notable increase from 68% in 2016, and proves to be an operational focus as the company decreased waste by 62 tonnes.
Precision Micro was also commended for partnering with local schools to introduce career opportunities and for its current workforce gender ratio, which at 56:44 male to female surpasses the national average in STEM of 76:24.
The judges’ commented: “The panel felt that Precision Micro has performed exceptionally well against the recognition themes of ESG and innovation. LDC’s expertise and funding drove a rapid increase in automation, driving both huge returns in operational efficiency, and a reduction of waste enabling Precision Micro to fast-track their ESG commitments. The recent additional investment from LDC is testament to a business that will no doubt experience sustainable and continued growth.”
Our congratulations go out to the other businesses that have been recognised in this year’s BVCA Vision Awards: North West, Midlands & East. You can view the full list of winners here.