Livingstone’s Industrial sector team has advised Coryton Advanced Fuels, the market-leading fuel blending and consultancy services business, on securing significant investment from Lyceum Capital to accelerate its international expansion.
The investment will enable the company to grow its range of added-value services and production capacity in the UK, develop existing export markets in Germany and expand into new markets in the US and Asia. The transaction also provides an exit for Oakfield Capital, who originally backed the founders in 2010.
Based on the Thames estuary in Essex, Coryton develops high performance fuels for the aviation and motorsport industries, as well as bespoke and standardised fuels for the automotive sector, where its products are used to support research and development activities and the testing and certification of engines, lubricants and fuel additives. The facility is one of the most advanced of its kind globally.
The business was founded five years ago following the acquisition of the Coryton specialist fuels blending facility from BP plc by co-founders Craig Goodfellow and Diane Lance with support and financial backing from investor group Oakfield Capital. Since then, it has expanded its products and consultancy services, and built a portfolio of global customers including JCB, Ford, Airbus, Bentley and Jaguar Land Rover, reaching sales of £12m in its last financial year.
Coryton will be led by incoming Managing Director Nick Pye, alongside co-founders Craig and Diane.
Craig Goodfellow, co-founder of Coryton, said: “Bringing an experienced investor like Lyceum on board will help us scale the business while staying true to its founding principles, and deliver our ambition: expanding our capacity in the UK and developing new high value services and new export markets around the world.”
Nick Pye, incoming Managing Director of Coryton, said: “Over the last five years, Craig and Diane have worked hard to build a position of real strength in the technical fuels market with a proposition that is centred upon Coryton’s customers. I’m excited to work with a private equity backer with such a strong reputation of growth investment.”
Roy Merritt, partner of Oakfield Capital and outgoing Chairman of Coryton said: “It has been a great achievement to build Coryton into the exceptional company that it is today – testament to the solid grounds built by the founders. It has been a real pleasure to work with Craig and Diane, and I am sure that the next phase for the company will ensure a highly successful future for Coryton and its staff.
“Livingstone played a critical role in securing this excellent outcome for the Coryton shareholders. The Livingstone team were always on top of the detail and on the front foot dealing with issues when they arose. Their knowledge of the sector and rigorous understanding of the business allowed them to reach a genuinely global buyer set. They drove a very competitive process involving both trade and private equity bidders to achieve an outstanding result for us.”
Graham Carberry, Managing Director at Livingstone London, added: “With its focus on technical innovation and service, Coryton has become the preferred partner to several major OEMs – and won a number of high-profile business awards. We have been delighted to work with Craig, Diane and Oakfield to deliver this successful transaction and to bring in Lyceum as a partner to support Coryton’s ongoing growth and investment.”