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Graphite Capital bags 2.3x return from Dominion Gas exit

29 May 2013

oil rig_lrgGraphite Capital has exited its stake in Aberdeen-based oilfield services company Dominion Gas to a US-based Fortune 500 business for a return of 2.3 times.

The London-based mid-market private equity firm participated in the management buyout of Dominion in May 2007.

The business has since expanded its global presence and product range by acquiring its largest independent cylinder gas competitor Global Gas Supplies and tank containers provider Argon Isotank.

Dominion, which is currently present in the UK, Norway, Singapore and West Africa, posted a turnover of £30.5m in 2012.

Graphite senior partner Mike Innes said, “With Graphite’s support, the Dominion management team has delivered the buyout strategy that focused on product range expansion and internationalisation of the group’s operations.

“This was accelerated through a successful buy and build programme.

“The breadth and scale of Dominion’s operations offered significant strategic value which attracted the attention of large, multi-national industrial gas groups.”

Graphite targets companies with enterprise values of £25 million to £200 million. The firm manages more than £1.2 billion across three private equity funds.

Last month Graphite exited its majority stake in care home group Optimum Care to buyout firm Terra Firma-owned Four Seasons Health Care.

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