Graphite Capital
2012
Graphite Capital backs National Fostering Agency management buyout
National Fostering Agency (NFA) has completed a management buyout and raised additional expansion capital in a transaction in which Graphite Capital is replacing Sovereign Capital as its principal shareholder. NFA is the UK’s second largest independent children’s fostering agency with 16 offices nationwide.
2011
Graphite Capital broadens its investment team
Jack Langdon has joined Graphite Capital. Previously, he was at Englefield Capital, where he worked on private equity transactions in a number of sectors, predominantly support services and financial services. Jack started his career as a strategy consultant at Oliver Wyman, advising clients in a broad range of geographies and sectors with a focus on financial services. Jack has a first class degree in Modern History from the University of Oxford.
Graphite Capital celebrates 30-year anniversary
2011 marks Graphite Capital's 30th anniversary! We have remained loyal to UK mid-market private equity throughout these 30 years and completed over 300 transactions in many different industry sectors.
Graphite Capital backs largest Micheldever acquisition to date
Graphite Capital’s portfolio company, Micheldever Tyre Services, has completed its largest acquisition to date when it bought Tyreland, a substantial multi-outlet tyre retailer based in the South of England. This further increases Micheldever’s geographical coverage and takes the total number of tyre service centres to 61.
Graphite backed the management buy-in/buy-out of Micheldever from founder Tony Todd in February 2006. The business has since grown its turnover by over 65%. It now supplies around six million tyres each year to more than 5,000 tyre centres through a national network of wholesale distribution sites.
Graphite Capital backs Teaching Personnel to acquire Protocol Education
Graphite Capital has provided equity funding to enable Teaching Personnel to acquire Protocol Education, creating the leading provider of supply teachers and support staff to schools in England and Wales.
Both businesses provide short and long term temporary teachers, teaching assistants and nursery staff, primarily to English and Welsh primary and secondary schools, as well as to Academies and other specialist schools, including those serving special educational needs.
Graphite Capital sells luxury shoe retailer Kurt Geiger
Graphite Capital has sold its majority shareholding in Kurt Geiger in a transaction that values Europe’s largest luxury shoe retailer at £215 million. The buyer is The Jones Group Inc., the designer, retailer and wholesaler of branded apparel and footwear, listed on the New York Stock Exchange.
Graphite Capital sells final stake in Wagamama
In March 2011 Graphite Capital sold its remaining stake in Wagamama when the majority owner, Lion Capital, disposed of the business to Duke Street and Hutton Collins. Graphite first invested in Wagamama in 1996 to fund the expansion of its chain of noodle restaurants and grew the chain to 50 outlets under its ownership. In 2005 it sold a majority share to Lion Capital in a transaction valued at £103 million. Overall, Graphite Funds made a return of almost 13 times their investment and an IRR of 37 per cent.
Graphite Capital broadens its investment team
Simon May joins Graphite after six years at PwC, most recently as a manager in the Business Recovery Services division where he focused on the manufacturing, distribution and healthcare sectors. He is a chartered accountant and holds a first class degree in mathematics from the University of Bath. As well as working with portfolio companies, Simon will look at investment opportunities and specifically cover the Midlands region.
Graphite Capital backs Micheldever in acquisition of Harris Brothers
Graphite Capital’s portfolio company, Micheldever Tyre Services, has completed its largest acquisition to date buying Harris Brothers Tyres, a substantial multi-outlet tyre retailer based in Wales. This further increases Micheldever’s geographical coverage and takes the number of sites acquired since the original transaction to 37.
Graphite backed the management buy-in/buy-out of Micheldever from founder Tony Todd in February 2006. The business has since grown its turnover by over 65%. It now supplies around six million tyres each year to more than 5,000 tyre centres through a national network of wholesale distribution sites.
2010
Graphite Capital leads £130m MBO of U-POL
Graphite Capital has completed the £130 million management buy-out of U-POL, a world leader in automotive refinish products. This is the second time that Graphite has invested in U-POL after backing a management buy-out in 2002 and selling it three years later.
The U-POL brand is recognised around the world for quality and innovation. From its manufacturing facility in Wellingborough, Northamptonshire, U-POL supplies professional vehicle bodyshops in over 110 countries worldwide with a broad range of refinish products used in accident repairs. These include body fillers, coatings (primers and clear coats), aerosols, adhesives and polishes as well as complementary products to provide customers with a complete solution. Responding to the needs of different local markets, and with the benefit of its dedicated research and development team, it typically launches around 25 new, high performance products each year.
Graphite Capital backs £45m buy-out of Teaching Personnel
Graphite and the Teaching Personnel management team plan to develop the business through a combination of organic growth, strategic acquisitions and a broadening of its service offering. Clydesdale Bank Corporate & Structured Finance is providing acquisition finance and working capital facilities. Graphite has acquired a significant majority stake and the management team are re-investing a substantial proportion of their proceeds in the business.
Teaching Personnel supplies teachers, teaching assistants and nursery nurses, both short and long term, to some 4,000 of the 30,000 primary and secondary schools in England and Wales, including those providing for special educational needs.
Graphite Capital leads £100m funding of new London house-builder
Graphite Capital is funding the development of London Square, a new house-builder focused on prime sites within Greater London. The company has been formed to capitalise on the recovery in the London housing market.
Graphite will provide up to £50 million of equity capital for a majority share in the new company. Together with a further £50 million of senior bank debt, the total funding package is expected to be £100 million.
Within the next five years, London Square aims to be building 600 homes a year. It will develop a range of schemes with private and affordable housing units at prices ranging from £200,000 to £3 million.
Graphite Capital backs the expansion of The Third Space
The Third Space, London’s premier health and fitness club, will open its second site at the exclusive Marylebone Hotel in the heart of London’s West End. The £2 million development is scheduled to open in spring 2011 and will be funded by Graphite Capital.
The new club will offer members extensive fitness facilities, expert personal training and advice and a swimming pool. In addition, The Third Space will operate a full service spa at the new location.
The new site marks the beginning of the roll-out of The Third Space clubs across London, and reinforces the brand’s position at the top of the fitness market.
Graphite Capital backs £24m expansion of Willowbrook care homes
Graphite Capital has completed a further £24 million development capital package to support a major expansion programme by Willowbrook Healthcare, a premium quality nursing and dementia care home group for the elderly.
The new funding takes the total commitment of Graphite funds, the management team and its banking partners to almost £80 million. Willowbrook, whose care homes operate under the Avery brand, will use the new funding to develop and acquire further homes which is expected to increase the total number of beds to over 900 in the next two years.
2009
Graphite Capital closes second co-investment fund
Graphite Capital has closed Graphite Capital Top-Up Fund Plus, a new £30 million co-investment fund specifically targeted at new investment opportunities. It will invest in selected larger transactions alongside its main fund, Graphite Capital Partners VII (“CPVII”).
CPVII closed heavily over-subscribed in May 2007 with total commitments of £555 million, including a separate £80 million co-investment fund.
Graphite Capital grows Integrity Software with Mardak acquisition
Graphite Capital’s portfolio company, Integrity Software, has completed the acquisition of Mardak Limited, a provider of accounting and management software solutions to the construction sector. The acquired business will form part of Integrity's Construction Division and complement its flagship product, Evolution.
Graphite backed the management buy-out of Integrity Software in July 2005. In addition to its range of construction software products, Integrity provides software solutions to the Salon & Spa and distribution sectors.
Graphite Capital enlarges its investment team
Graphite Capital has added to its growing investment team with the appointment of Rachael Whittaker as investment manager.
Rachael joins Graphite from Cognetas, where she was an investment associate focusing on healthcare and financial services. She began her career as an associate with LEK Consulting in London and Sydney, working on private equity due diligence, corporate M&A and post transactional strategy implementation across a wide range of sectors and geographies.
Graphite Capital expands Kurt Geiger’s UK business
Graphite Capital’s portfolio company, Kurt Geiger, has substantially expanded its UK market share, signing a seven-year license and distribution agreement with Nine West and Easy Spirit beginning with Spring 2010 product lines.
The company has also expanded its department store coverage, adding Debenham’s and a number of further Fenwick’s stores to its distribution network. In parallel, the chain of Kurt Geiger branded solus stores is growing fast, with a further twelve stores scheduled to open in the current financial year. The company reported strong like-for-like growth in the year following the management buy-out.
Graphite Capital launches buy-and-build strategy in building products sector
Graphite Capital has acquired a majority stake in Performance Window Group (PWG) with the aim of building a substantial and diversified timber building products business. Graphite is backing a highly experienced management team led by Roy Wakeman and Mark de Rozarieux.
Graphite previously backed Wakeman and de Rozarieux in the Management buy-out of LS Group, the high performance door manufacturer.
Wakeman formed PWG in 2006 and soon after acquired Mumford & Wood, a manufacturer of high-quality timber windows. Part of Graphite’s investment will fund the group’s acquisition of Oxford-based TimberWindows.com, a fast-growing internet-based distributor of timber windows.
2008
Graphite Capital leads £53 million care home development capital package
Graphite Capital is providing significant equity capital to fund the development of Willowbrook Healthcare, a premium quality care home group for the elderly, as part of a £53 million development capital package.
Willowbrook is a new company formed in partnership with the highly experienced care home management team of John Strowbridge, Ian Matthews and Roger Storey.
Graphite Capital expands Dominion Gas with Argon Isotank acquisition
Graphite's portfolio company Dominion Gas has completed the acquisition of Argon Isotank in a deal valued at more than £4 million. The deal will see Dominion Gas expand products and services into the liquid, chemical and acid tank business both in the UK and internationally.
Dominion Gas is Scotland’s only oil field service company. Until now it has focused exclusively on supplying the full range of diving, welding, industrial, laboratory, test and calibration gases.
The acquisition was supported by Graphite Capital and RBS, both of which backed the Dominion Gas management buy-out last year and its subsequent acquisition of Global Gas Supplies.
Graphite Capital sees its portfolio company Dominion Gas win the "Best MBO in Scotland" award
Dominion Gas has been voted the "Best MBO in Scotland" as part of the Deals & Dealmakers Awards Ceremony on 3 September in Glasgow.
Launched in 1998, the Scottish Business Insider Deals & Dealmakers Awards were created to recognise and reward the valuable corporate finance expertise which exists in Scotland and the significant contribution it makes to this country’s economy. The Awards recognise exceptional achievement by Scottish companies and individuals who lead Scotland’s corporate finance market place, based on deals completed in the previous year.
Graphite Capital acquired Dominion Gas in an MBO from its founders in 2007 and expanded the business through the acquisition of Global Gas Supplies, a large Scottish competitor.
Graphite Capital expands its investment and portfolio management team
Graphite Capital, the leading UK mid-market private equity specialist, has expanded its team with four new appointments.
Kane Bayliss, Mark Hall and Omar Kayat have joined Graphite’s deal team as investment managers and Mudassir Khan has been recruited into a portfolio management role.
Graphite Capital trebles its investment on sale of Summit Medical
Graphite Capital has sold Summit Medical to The Riverside Company, a global private equity firm.
Summit designs, produces and distributes world class medical devices and accessories primarily in the orthopaedic sector. Its products deliver clinical and economic advantages to individual patients and medical practitioners as well as private and public health services in the UK and in over 30 export markets, including the USA and continental Europe.
Graphite Capital makes third follow-on acquisition with Park Holidays UK
Graphite Capital has backed the acquisition by Park Holidays UK of the Golden Sands and Peppermint holiday parks in Dawlish Warren, Devon.
With these purchases, and further acquisitions last year at Dawlish, Paignton, and Brixham, Park Holidays UK has added six new parks since Graphite backed its £130 million management buy-in/buy-out in January 2006.
Park Holidays UK is the largest holiday home and caravan park operator in the south of England with sites in Essex, Kent, East and West Sussex, Suffolk, Dorset, Hampshire and Devon. It now operates 25 family holiday parks with pitches for over 11,000 caravans and chalets.
Graphite Capital backs £95m buy-out of Kurt Geiger
Graphite Capital has backed the £95 million management buy-out of Kurt Geiger, Europe’s foremost luxury branded shoe retailer, from Barclays Private Equity.
Kurt Geiger, which was voted ‘Coolest Shoe Brand’ by Vogue readers in 2007, sells its own and third party premium and luxury footwear brands such as Prada, Gucci and Jimmy Choo, through a wide range of channels.
Graphite adds Capital Consulting to Alexander Mann Solutions
Graphite Capital-backed Alexander Mann Solutions (AMS) is buying Capital Consulting, consolidating AMS’ leading position in the European market for recruitment process outsourcing (RPO). AMS is the largest independent provider of RPO solutions to ‘blue-chip’ companies worldwide and Capital Consulting is the number two player in the UK market behind AMS.
Graphite Capital wins European Venture Capital & Private Equity Journal Award
Graphite Capital won the European Venture Capital & Private Equity Journal award in recognition of outstanding achievement and success in the category of "Financial Sponsor of the Year".
2007
Graphite Capital backs £100m MBO of Alexander Mann Solutions from Advent International
Graphite Capital has backed the £100million management buy-out of Alexander Mann Solutions (AMS) from global private equity group, Advent International. AMS is the largest independent provider of recruitment process outsourcing (RPO) solutions to blue-chip companies worldwide.
Graphite Enterprise Trust achieves six-fold return on sale of Huntress
Graphite Enterprise Trust, the quoted investment trust managed by UK mid-market private equity specialist Graphite Capital, has sold Huntress Group, one of the largest white collar recruitment specialists in the UK, to a Nomura-backed management buy-out team.
Graphite Capital sells Applied Energy to Glen Dimplex
Graphite Capital sold Applied Energy, which manufactures and distributes a range of ventilation, heating and water heating products under the Xpelair, Creda and Redring brands, to Glen Dimplex for an undisclosed sum.
Graphite led the £24 million management buy-out of Cambridgeshire-based Applied Energy from a joint venture company owned by GE and Marconi in December 2001. Since then, managing director John Lee and his team have turned the business around, rejuvenated the product portfolio, created new routes to market and grown sales by nearly 38 per cent to £51.5 million.
Graphite Capital trebles its investment on sale of Golden Tulip Hotels
Graphite Capital has sold the UK business of Golden Tulip, the superior budget hotels group, to Whitbread PLC for £44 million. Whitbread's Premier Inn brand is the UK's largest and fastest growing hotel company.
Graphite Capital backs Dominion Gas' £22m acquisition of Global Gas Supplies
Graphite Capital has backed the £22 million acquisition by Dominion Gas of Global Gas Supplies. The deal is the first step in the international expansion strategy outlined in June when Graphite backed the management buy-out of Dominion Gas, the independent supplier of industrial gases to the offshore industry.
Graphite Capital backs £22m MBO of The Third Space
Graphite Capital has backed the management buy-out of one of London’s premier health and fitness clubs, The Third Space Group, for £22 million. Membership has grown to nearly 4,300 since June 2001 when Longshot, under chief executive Joel Cadbury, founded The Third Space in Soho, near Piccadilly Circus.
Graphite Capital more than quadruples its investment on sale of GoPlant
Graphite Capital has sold Go Plant, the specialist vehicle hire group, for an undisclosed sum to Easternrange, a private investment vehicle.
A market leader, Go Plant operates a fleet of over 1,000 specialist vehicles including road sweepers, refuse vehicles and gully clearing machines. From 20 depots across the UK, Go Plant supplies vehicles either for self-hire or with drivers to local authorities, house builders, road maintenance providers and other industrial businesses.
Graphite Capital sells Avery Healthcare to Southern Cross for £96.5m
Graphite Capital has sold its majority shareholding in Avery Healthcare to Southern Cross Healthcare Group.
The deal values Avery, which owns and operates premium care homes for the elderly, at £96.5 million. Southern Cross is buying 16 of Avery’s 21 care homes and is also acquiring the management team’s shareholding.
Graphite Capital backs MBO of Dominion Gas
Graphite Capital has backed the management buy-out of Aberdeen-based Dominion Technology Gases from founder Gareth Jones. Dominion is the UK's leading independent supplier of specialist gases used for diving, welding and testing by offshore oil and gas customers.
Graphite Capital raises £475 million mid-market fund
Graphite Capital has raised its seventh fund, Graphite Capital Partners VII ("CP VII"), with total commitments of £475 million. In addition, it also raised a co-investment fund of £80 million for the purpose of investing alongside CPVII in selected larger transactions.
Graphite Capital wins 'Best Private Equity Firm in UK' award
Graphite Capital was again voted ' Best Private Equity Firm in the UK' by Private Equity Online and Private Equity International. The award followed a poll of several thousand professionals in and around the private equity industry.
2006
Graphite Capital celebrates 25-year anniversary
2006 marks Graphite Capital's 25th anniversary! We have remained loyal to UK mid-market private equity throughout these 25 years and completed some 300 transactions in many different industry sectors.
Graphite Capital funds £86m MBO of NES global recruitment group
In September 2006 Graphite Capital funded the £86 million management buy-out of the NES Group from its founders and Bridgepoint, the private equity group.
NES is a fast growing global technical recruitment business providing professionally qualified contract staff to blue chip clients across the world in the oil and gas, infrastructure, rail and power sectors. It also has an IT staffing and accredited training operation in the UK.
Graphite Capital backs £25 million MBO of TMP Worldwide
In May 2006 Graphite Capital backed the £25 million management buy-out of TMP Worldwide from its American parent, Monster Worldwide Inc. TMP Worldwide is the UK and Ireland's leading recruitment communications business. The highly experienced buy-out team includes TMP chief executive Andrew Wilkinson, managing director Jon Porter and finance director Tim Jakob.
Graphite Capital scoops private equity industry awards
As in 2005, Graphite Capital won the Acquisitions Monthly Mid Market Deal of the Year award, this time for its £102 million sale of Wagamama, the Japanese noodle restaurant chain, to Lion Capital. Separately, Graphite was presented with the European Venture Capital Journal award for Financial Sponsor of the Year for Mid Sized Funds and was also voted UK Private Equity Firm of the Year by Private Equity Online and Private Equity International.
Graphite Capital rolls out BIMBO of Micheldever Tyre Services
In February 2006 Graphite Capital backed the management buy-in/buy-out of Micheldever Tyre Services plc, the UK’s largest independent tyre wholesaler and distributor, from founder Tony Todd. The company has expanded significantly since Todd opened the first site at Micheldever Station, Hampshire, in 1972. It now supplies around four million tyres each year to more than 2,500 customers through a national network of wholesale distribution centres.
Graphite Capital backs £130m BIMBO of Cinque Ports
In January 2006 Graphite Capital backed the £130 million management buy-in/buy-out of Cinque Ports Leisure Ltd, the UK's third largest holiday home and caravan park group. Cinque Ports has built up a group of 19 family holiday parks on the east and south coast which contain pitches for nearly 10,750 caravans and chalets.
Graphite Capital acquires sk:n in management buy-in/buy-out
In January 2006 Graphite Capital backed the management buy-in/buy-out of sk:n, one of the leading providers of non-surgical cosmetic procedures in the UK.
sk:n, the renamed Lasercare Group, has expanded to 18 clinics since it was founded in 1990. They are located mainly in town centres such as Harley Street in London, Bull Street in Birmingham and Gordon Street in Glasgow or in convenient suburban locations in 16 major cities, as well as in NHS hospitals.
2005
Graphite Capital earns 3.2 times return on £75m sale of U-POL
Graphite Capital sold U-POL, the UK’s leading automotive refinish products manufacturer, to ABN AMRO Capital in a deal which valued the business at £75 million.
The transaction, which completed in early 2006, provided Graphite with a total return of 3.2 times its investment and an internal rate of return of 55 per cent.
Graphite Capital backs Avery Health care home management team
In October 2005 Graphite Capital backed an experienced care homes management team to build a new nursing home group, Avery Health, with a £29 million development capital package.
Graphite Capital sells Equanet to Dixons Stores Group
In September 2005 Graphite Capital sold Equanet, the hardware reseller, to DSG Retail Limited, a wholly owned subsidiary of Dixons Stores Group Plc, for an undisclosed sum.
Equanet has performed strongly in exceptionally competitive market conditions since Graphite backed the management buy-out in March 2000. Turnover has grown by 22 per cent to £65.2 million and profit by 35 per cent to £2.4 million.
Graphite has earned a multiple of 2.2 times its £6.3 million investment in the business.
Graphite Capital sells Jane Norman for £117.4 million
In July 2005 Graphite Capital sold its majority shareholding in Jane Norman to an Icelandic investor group comprising Kaupthing Bank and Baugur Group. The deal valued the UK women’s fashion retailer at £117.4 million.
Graphite Capital earns 6.1 times its investment on sale of LS Group
In June 2005 Graphite Capital sold its majority shareholding in LS Group (LS) to SIG, the leading supplier of insulation, roofing and commercial interiors products. The deal valued LS, the specialist door manufacturer, at £47 million.
Graphite Capital announces £102.5 million sale of Wagamama
In June 2005 Lion Capital, the private equity investment firm, agreed to buy a controlling stake in Wagamama, the UK's leading noodle bar chain, from its majority shareholder, Graphite Capital.
Under Graphite's ownership Wagamama expanded from two to 50 restaurants in the UK and internationally. The transaction, which completed in July 2005, provided Graphite with a multiple of 10.2 times its investment.