Dominion supplied specialist gases used for diving, welding and testing by offshore oil and gas customers. The gases were analysed and mixed on site in the company’s own laboratory and supplied to customers in specially designed containers and cylinders. Dominion had a resilient business model, underpinned by specialist infrastructure and expertise, and enjoyed strong relationships with leading global subsea contractors and operators.
With Graphite’s support, Dominion acquired its major Aberdeen competitor, Global Gas Supplies, creating the dominant gas provider in the Aberdeen market. It further expanded its service offering through the acquisition of Argon Isotank, which rented chemical tanks for use in drilling and maintaining wells.
Key Business Achievements
Developed the group internationally by expanding nascent operations in Norway and Singapore and by opening a new base in Ghana
Introduced new products such as a proprietary mobile gas filling plant capable of rapid deployment to remote locations
Added new services, including container rental, through the establishment of a new joint venture
Grew Argon Isotank by increasing its fleet from 55 tanks to 251 and by introducing the sale of chemicals
Secured helium supply in a tight market through a new long-term supply contract with a leading US gas company
Replaced legacy systems with a group-wide ERP system
Return on Graphite's Investment
In May 2013 Dominion Gas was sold to Praxair, Inc., generating a multiple of 2.3 times cost.