Corporate lawyers at Browne Jacobson have advised management on the buyout of Nottingham based Icon Polymer.

The buyout, which has the backing of equity firm Lloyds TSB Development Capital (LDC) and its banking partner Lloyds TSB Corporate Markets, was led by managing director Tim Pryce and financial director Shaun Finn. They acquired the firm for an undisclosed amount from retiring founder Richard Gogerty.

Icon Polymer develops, manufactures and supplies specialist technical rubber products to the aerospace, defence, transport and energy industries. Started in 1999, the £20 million plus turnover business employs more than 230 people and operates in the UK from its plants in Retford, Nottinghamshire and Burton on Trent.

Over the last year, it has secured contracts with Stork Fokker, BAE Aerospace and Land Systems and JCB to supply critical polymer components for aerospace defence and off-road vehicle applications. The business also has a growing international clientele with 15% of its business now generated in the Far East.

Richard Medd, Corporate lawyer at Browne Jacobson, said: "We have a long standing relationship with Icon Polymer having advised the business on all its corporate finance activities in recent years, including the acquisition of the Silvertown Group in 2004. This deal marks a fresh and exciting chapter in its history and nobody is better placed than Tim and Shaun to take the business to the next level. They have helped to build a market-leading business which is well-placed for future growth. It is also encouraging to see private equity investors such as LDC willing to continue to support strong UK manufacturers."