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.