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Browne Jacobson advises Applied Composites Group (formerly Icon Polymer) on private equity investment

13 July 2016
Corporate lawyers at Browne Jacobson have advised Lloyds Development Capital (LDC) on a £10m growth capital investment in Nottinghamshire based Icon Polymer.

The investment will allow the company, which is being rebranded Applied Composites Group, to capitalise on growth opportunities in two core sectors: aerospace and rail.

Applied Composites Group is one of the world’s leading manufacturers of engineered polymer products. With its 230-plus workforce the company develops, manufactures and supplies specialist technical polymer products for the aerospace, defence, transport and energy industries from its headquarters bases in Retford (Nottinghamshire).  Clients include Mitsubishi, Rolls Royce and Bombardier. 

Tim Pryce, CEO of Applied Composites Group, said:

“Over the last decade, the group has changed beyond recognition. We have invested heavily in research and development, technology, expertise and our manufacturing capability to create a business that is today genuinely recognised as a world leader in its field. The rebranding is recognition of that renewed focus and the evolution of our core capabilities. Through our ‘face2face engineering’ proposition, we have also pioneered a new way of doing business. Customers respect and value our expert, creative and agile approach to addressing their engineering challenges. Combined, it’s equated to growth and commercial success. But we’re far from done: our customers operate in fast moving and highly technical markets and to realise our full potential, we must continue to push ourselves forward at pace. The continuing support of LDC is crucial in helping us realise the full potential of the business at an exciting time for the group and its chosen markets.”

Applied Composites Group is a long standing client of Browne Jacobson.  In 2009 the firm’s advisors acted on the buyout of the Group by a management team led by current CEO Tim Pryce. 

Richard Medd, corporate partner at Browne Jacobson, led on the deal. He said:

“The company is an excellent example of a world class British manufacturing business thanks largely to its visionary management team, investment in innovation, commitment to producing high quality products and international brand. The further support they have received from LDC will give them an even stronger platform from which to further develop the business. It has been a pleasure working with Tim and his team and with LDC over many years and this important capital injection will herald another exciting chapter for the business.”

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