LDC injects £10m into Icon Polymer

Following the deal, the business will rebrand as Applied Composites Group and increase its focus on the aerospace and rail segments.

In recent months the company has expanded its headcount by 90 and invested in the expansion and refurbishment of its production facility in Nottinghamshire.

LDC has been particularly active in recent months, making eight deals between April and June 2016. Most recently, the firm took part in the MBO for identification card business Magicard, the buyout of building envelope manufacturer CMS Window Systems and the MBO of water treatment equipment maker Adey.

Previous funding
LDC has invested in the business since its foundation. In the period between 2000-2004, the GP made a £4m equity investment to support the £11m acquisition of William Warne, provided £2.5m to finance the buyout of Silvertown and supported the £5.5m bolt-on of Northern Rubber.

In 2009, LDC backed the management buyout of the company from founder Richard Gogerty.

Company
Founded in 1999 and headquartered in Retford, Nottinghamshire, Applied Composites produces polymer components for use in the aerospace, transport, energy and industrials sectors. The business has recently signed a contract with Rolls Royce.

People
LDC – Chris Hurley (chief executive); Rob Apollo (investment manager).
Applied Composites – Tim Pryce (CEO).

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• Topics
• Expansion
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• United Kingdom
• LDC