LDC will take a substantial minority equity stake in the business alongside the management team as part of the transaction.

Mini-Cam has been acquired by its management in a deal backed by Lloyds Banking Group's private equity arm. Established in 1991 by chief executive Nigel Wilson, the business specialises in producing CCTV pipeline inspection systems including crawler systems and push cameras that are provided to utility companies and supply chain contractors to fulfil increasing demand for inspection activity.

The business employs 37 people at its headquarters in Warrington where its products are designed, manufactured and assembled. Exports currently account for more than a third of its revenues.

LDC's investment was led by Chris Wright (investment director) and Johnny Bell (director and co-head of LDC in the North West) and will provide additional funding to accelerate Mini-Cam's forecast growth, focusing on R&D and expanding the firm's international distribution network.

Mark Mills will remain non-executive chairman of the business while Tony Clarkson will be appointed as non-executive director. Colin White, whose experience includes Nanoco, Scapa and Smiths Group, will join the business as finance director.

Chris Wright, who will join the board at completion, said: "Mini-Cam is a great example of a high-quality British engineering business that has a proven ability to innovate robust, high-quality products, which is a clear market leader in its field with a rapidly growing export division. Private equity investment will provide the management team with the catalyst it needs to take the next step in its development as it looks to further establish itself on the international stage.

"With such strong growth drivers within the pipeline inspection sector, across a number of vertical markets, we will work closely with Mini-Cam to explore opportunities to broaden its customer base and potentially take its quality products to new industries."

Nigel Wilson, chief executive of Mini-Cam, said: "There is significant investment in developing and maintaining the ageing water infrastructure in developed countries around the world, to cope with increasing demand. In the UK alone, there is over half a million kilometres of pipeline and contractors need robust, technologically-advanced equipment to effectively inspect and maintain on behalf of the Major Utilities."

"With the support of LDC, we will be able to drive further investment in the development of our market-leading systems, which help contractors do their job efficiently and to the highest standards. LDC's experience in fuelling international growth and guiding businesses to build scale makes them an exciting partner to have with us as we embark on a new growth journey."

Bell added: "This is the fourth deal over the last eight months for the LDC Manchester office bringing the total investment to over £90m of equity, which is in line with our commitment to invest £300m over the next three years."

Advisors on the deal included Rothschild (lead advisory), DWF (legal advisor) and BDO (FDD), which advised Mini-Cam. LDC was advised by Deloitte (lead advisory), Addleshaw Goddard (legal advisor), Armstrong (CDD) and PwC (tax advisory).