Bringing an experienced investor like Lyceum on board will help us scale the business through UK expansion and targeting new international export markets.
Coryton Advanced Fuels is a specialist fuel blending business that provides high specification and bespoke fuel formulation, blending, testing, logistics and technical support to automotive original equipment manufacturers (“OEMs”), oil, additive and Tier 1 motorsport supply customers.
The Business is based on the Thames Estuary in Essex and has operations in Germany. It was formed in 2010 when the founders acquired the facility from BP plc.
Coryton’s core addressable market, which consists of test fuels, first fill and motorsport fuels, in Europe is worth 100m litres.
There is significant opportunity for Coryton to expand its customer base internationally — there is over 176m litres of growth potential across North America and Asia Pacific, which is driven by automotive manufacturers continuing their research and development programmes into new engines and local changes in fuel regulations.
Lyceum Capital is working with management to grow the Business through:
- Increasing market share in existing and new geographies
- Expanding site capacity
- Targeting complementary products and services through carefully selected M&A
Since Lyceum’s investment in 2015, Coryton has:
- Launched 4 new products
- Increased production capacities enabling the business to increase production volumes by 2.5x
- Invested in its sales force, which has accelerated growth and reduced lead times from 7 weeks to 4 weeks
- Included in The Sunday Times’ Fast Track SME Export 100 List