In October 2006 Graphite Capital led the £70 million management buy-out of NES, a leading provider of specialist engineers to the global oil and gas, power and infrastructure industries.

Based in Manchester, NES operates from a total of 32 locations around the world. The company’s customer base comprises large blue-chip organisations, including all major oil companies and many large international engineering businesses.

NES has continued to develop its suite of value-added services which it provides to both contractors and corporate customers.

The company has opened 18 new offices, principally in its expanding overseas business, almost doubling sales and operating profit under Graphite’s ownership. The fast growing overseas business now accounts for 65 per cent of group revenues and for over 60 per cent of the group’s 3,700 contractors.

The company also has a permanent placement business which accounts for approximately 15 per cent of net fee income.