Graphite exits Applied Energy

Graphite Capital, a UK mid-market private equity firm, has sold Applied Energy, a 2001 acquisition, to Glen Dimplex for an undisclosed sum.

Although terms were not disclosed, Graphite is understood to have more than trebled its money on the £24m (€34.7m) management buyout of Cambridgeshire-based Applied Energy from a joint venture company owned by GE and Marconi in December 2001.

Applied Energy manufactures and distributes a range of ventilation, heating and water heating products under the Xpelair, Creda and Redring brands. Under Graphite’s ownership and managing director John Lee’s leadership, it has expanded sales by almost 38% to £51.5m.

Dublin-headquartered Glen Dimplex is a manufacturer and distributor of electrical heating and domestic appliance products, with brands such as Dimplex, Morphy Richards and Belling.

Graphite previous exit was in June, when it made a 2.7x money multiple on the £96.5m sale of care homes business Avery Healthcare to Southern Cross Healthcare Group, formerly owned by Blackstone.

Last month, it also backed a £22m bolt-on acquisition of Global Gas for its Dominion Gas portfolio business.