Management at Retford-based manufacturer Icon Polymer have completed a buyout of the business with the backing of private equity firm LDC and Lloyds TSB Corporate Markets acquisition finan
Management at Retford-based manufacturer Icon Polymer have completed a buyout of the business with the backing of private equity firm LDC and Lloyds TSB Corporate Markets acquisition finance.
The company develops, manufactures and supplies specialist technical rubber products to a broad customer base including major organisations in the aerospace, defence, transport and energy industries.
Led by managing director Tim Pryce and financial director Shaun Finn, management have bought the firm for an undisclosed amount from retiring founder Richard Gogerty.
The deal was funded by Icon Polymer’s private equity backer LDC and its banking partner Lloyds TSB Corporate Markets acquisition finance, which together have supported the development of the business since it was founded in 1999.
Over the past decade management and its funders have executed a buy and build strategy which has seen Icon Polymer make a number of strategic acquisitions of complementary businesses including the purchase of Burton-on-Trent-based Silvertown Group in 2004.
This approach has enabled the enlarged company to provide clients with tailored design, production and maintenance services and to boost its presence in international growth markets, with more than 15 per cent of sales now being generated in the Far East.
Over the past 12 months the firm has secured a number of prestigious and exclusive supply agreements with Stork Fokker, BAE Aerospace and Land Systems and JCB to supply critical polymer components for aerospace defence and off-road vehicle applications.
IconPolymer now has a turnover of GBP20m and employs over 230 people at its manufacturing sites in Retford and Burton-on-Trent.
Pryce says: ‘With our extensive customer and product approval portfolio Icon is well positioned for growth by meeting the increasing demand for niche critical components that require specialist manufacturing understanding and a high level of after-sales support.
‘This buyout will give the business a fresh injection of energy and enable us to make the most of the considerable growth opportunities presented by our increasing base of blue-chip multinational customers.
‘LDC and Lloyds TSB Corporate Markets’ financial and strategic support has been crucial to us over the years and, with their ongoing backing, we’re confident we can continue to develop the business and increase our global presence.’
Steve Carle, senior director at LDC, says: ‘Specialist manufacturing in the UK is a hidden success story and Icon Polymer is a great example of this breed of business.
‘By consistently orientating its own expertise, products and capabilities towards its customers’ evolving requirements, it has successfully established a reputation for delivering high quality innovative products in sizable domestic and international markets.
‘Tim, Shaun and the rest of the team have played a crucial role in building the firm over recent years. We’re proud to be able to support their buyout of the business and they will continue to have our support as they drive Icon Polymer forward.’
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