Lyceum Invests in Coryton Advanced Fuels
Coryton Advanced Fuels (“Coryton”), the market-leading fuel blending and consultancy services business, has secured a significant investment from growth investors 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 Oakfield. Since then, it has expanded its products and consultancy services, and built a portfolio of global customers including 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 its co-founders Craig Goodfellow — operations and technical director — and Diane Lance — commercial and logistics director. Craig and Diane will remain with the business following the investment. Bill Wilson, with extensive international and automotive experience, will join the business as non-executive chairman.
The investment team was led by Lyceum partners Jonathan Bourn and Daniel Adler, investment director Matthew Norrington and investment executive Manjit Dhillon. Jonathan Bourn will join the board of Coryton along with Lyceum operations and development partner David Harland.
Jonathan Bourn, partner at Lyceum Capital, said: “Coryton has truly world class technical expertise in advanced fuels, alongside state of the art bonded facilities in the UK, established export markets, outstanding customer service and a highly capable management team. With positive market and macro conditions, the opportunity for growth is clear. We’re excited to be backing Nick Pye and the existing team during the next phase of business growth and development.”
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 the 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.”
Lyceum was advised on the transaction by Catalyst Corporate Finance (corporate finance), AT Kearney (commercial due diligence), Eversheds (legal), and BDO (financial due diligence).
Oakfield was advised by Osborne Clark (legal) and Livingstone Partners (corporate finance). Management was advised by Shoosmiths (legal) and Livingstone Partners.
