Lyceum invests in Coryton as Oakfield exits

Following completion of the deal, Coryton will undertake an international expansion strategy targeting the US and Asian markets. The fresh capital will also fund the development of new products and improved production facilities.

Oakfield supported the spinout of the company in 2010. The business has since expanded into the German market.

Lyceum makes equity investments of £5-50m and is currently investing from its £330m third fund, which was launched in 2013. The GP has been particularly active throughout September, making growth capital investments in enterprise software business TotalMobile and investment services company Style Research.

Company
Founded in 2010 as a spinout from BP, Coryton is a speciality petroleum company based in Stanford-le-Hope, Essex. The business, which produces fuels for the aviation and motorsports industries, generated a turnover of £12m in its last financial year. Its customers include Airbus, Ford, Bentley and Jaguar Land Rover.

People
Roy Merritt, a partner at Oakfield, will step down as chairperson at Coryton. Lyceum partners Jonathan Bourn and Daniel Adler led the deal for the GP, alongside investment director Matthew Norrington and investment executive Manjit Dhillon. Bourn will take a seat on the Coryton board alongside Lyceum operations and development partner David Harland. Craig Goodfellow is co-founder of Coryton.

Advisers
Equity – Catalyst Corporate Finance (Corporate finance); AT Kearney (Commercial due diligence); Eversheds (Legal); BDO (Financial due diligence).
Vendor – Osborne Clark (Legal); Livingstone Partners (Corporate finance).
Management – Shoosmiths (Legal); Livingstone Partners (Corporate finance).

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• Topics
• Exits
• Expansion
• UK / Ireland
• Industrials
• United Kingdom
• Horizon Capital (formerly Lyceum Capital)