Tesla was a highly specialised engineering business supplying magnets and gradient coils used in MRI scanners and particle accelerators.

Graphite backed the management buy-out of Tesla in 1995. Its medical division produced the gradient coils used in MRI body-scanners and its physics division manufactured large magnets for use in nuclear particle accelerators for high-energy physics research.


We supported a strong management team which had significant experience in the sector and strong relationships with Tesla’s key customers. The company occupied a unique position as one of the world’s leading independent suppliers of gradient coils to the medical market. It was also set to benefit from a substantial supply agreement with CERN, the nuclear energy research centre based in Geneva, which planned to build new particle accelerators.

Key Business Achievements

Secured substantial long-term contracts in both core divisions

Invested in new equipment and additional headcount to increase capacity at its main production facility to cope with new contracts

Acquired businesses in the UK, continental Europe and the US to increase its product offering

More than doubled operating profit

2. 7 x

Return on Graphite's Investment

Business Exit

In 2005 Tesla was sold to Bank of Scotland, generating a multiple of 2.7 times cost.