Applied Energy boost for Graphite

Graphite Capital, formerly Foreign & Colonial Ventures, has backed the £23m management buyout of GDA Applied Energy Limited. The group manufactures and distributes ventilation, water heating and space heating products under the brand names Xpelair, Redring and Creda, respectively. Upon completion of the transaction the group will trade as Applied Energy Products Limited.

The buyout was part of Marconi’s sale in December 2001 of General Domestic Appliances, owner of the Hotpoint brand, as well as Applied Energy Products’ three brands. Bank of Scotland provided debt facilities on the deal. The Graphite Capital team included Simon Fitch, Perry Chapman and Jenny Billington. Simon Fitch commented on the transaction: “Applied Energy has a range of excellent electrical products, well known brands and a talented management team focused on growth through delivery of value to the customer. We are pleased to have had the opportunity to invest in the group.”

Further advisors on the equity side included Linklaters for legal; KPMG Transaction Services for financial due diligence and tax; PMSI Consulting for commercial due diligence; EAG Environ for environmental; SBJ Stephenson for insurance and PIFC for pensions.