Lyceum Capital has backed Coryton Advanced Fuels Limited, the market-leading fuel blending and consultancy services business, with a significant investment 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.
Based on the Thames estuary in Essex, Coryton develops high performance fuels for the aviation and motorsport industries.
It also provides 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.
UK law firm Shoosmiths advised existing founder managers Craig Goodfellow and Diane Lance, and the incoming CEO Nick Pye, on the investment, enabling an exit for Oakfield Capital, who originally invested in 2010.
Corporate partners Emma Gibson and Alastair Peet led the deal with support from senior associate Nina Smith. Employment partner Charles Rae also provided expert legal advice on the new service agreements for the management team.
Craig Goodfellow, co-founder of Coryton, thanked Shoosmiths for the “first class service they provided in relation to this investment”.
“Their expert advice and understanding of the market gave us a great deal of confidence in their ability to seamlessly complete the deal – and we were proved right in our choice of legal advisor,” he continued.
Shoosmiths corporate partner Emma Gibson added the team was “pleased to have acted for the management team on this investment”.
“It will support their drive for growth in export markets around the world,” she said. “This is an exciting time for the business and we wish Coryon and Lyceum all the best in their partnership.”
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