Icon Polymer Group acquires Silvertown Group

assessor de Clearwater

LDC-backed Icon Polymer Group has acquired its competitor, Silvertown Group, in a £10 million deal financed by the private equity firm.

Both businesses manufacture and supply specialist technical rubber products to a broad customer base including companies in the pharmaceutical, defence and automotive industries. Icon is based in Retford, Nottinghamshire whilst Silvertown Group is based in Burton upon Trent.

The deal marks the next stage in a growth strategy which has seen Icon successfully integrate three previous acquisitions – William Warne, Northern Rubber and a division of Contitech VC, over the past four years.The acquisition of Silvertown will boost the business’ turnover to £35 million and will significantly increase Icon’s presence in its core product sectors. LDC had stakes in both the Icon Polymer Group and Silvertown and will hold a significant minority share of the enlarged business. The mid-market private equity firm backed the MBO of Icon in June 2000 from William Warne and in 2001 funded the MBO of Silvertown from Unipoly BV.

The Icon Polymer Group employs over 350 people and Silvertown, which was established in the early 19th century, employs a further 200. The combined business now plans to invest further in IT systems, improving and upgrading equipment and will focus on building its presence in international growth markets.

“Silvertown is an established name with a strong pedigree in the specialist rubber market. It is a great fit for Icon and will enhance the enlarged firm’s product portfolio as well as its technology, knowledge and skills base. This deal is an important element of Icons’ ambitious growth plans and gives it greater capabilities in the aerospace sector and growth markets around the world. For LDC it was a case of matching up two successful firms from our portfolio of businesses which could compliment each other and, when combined, provide huge growth potential. LDC will continue to work closely with the management to ensure this impressive expansion is maintained over the coming years by capitalising fully on opportunities to penetrate new markets.”

Jonathan Simm, Regional Director, LDC