Graphite goes for Gas

UK mid-market private equity firm Graphite Capital has backed the £22m (€31.4m) acquisition of Global Gas Supplies by Dominion Gas.

Global Gas is a supplier of diving gases to the oil and gas industry. According to Graphite, the acquisition significantly increases the group’s international coverage as a result of Global’s strong presence in Azerbaijan, Singapore and West Africa. The merger increases the group’s global workforce from 52 to 70.

The deal is the first step in the international expansion strategy Graphite outlined in June when it backed the management buyout of Dominion Gas, the independent supplier of industrial gases to the offshore industry.

Funding for the deal includes equity from Graphite and debt facilities from RBS Structured Finance, Aberdeen, and takes total financing to more than £50m since the MBO.

Mike Innes, Anne Hoffmann and Kane Bayliss managed the transaction for Graphite. Euan Leask, John Heiton and Mike Willett managed the transaction for RBS Structured Finance, Aberdeen.