Graphite more than doubles money on IT sale

Graphite Capital has generated a 2.2 multiple from the sale of Equanet, a UK IT hardware reseller.

The purchaser was DSG Retail, a wholly-owned subsidiary of Dixons, the British electrical retailer, which paid an undisclosed amount, and will now become part of DSG’s business arm, PC World Business.

Graphite backed the original MBO in March 2000 when it invested £6.3m from the Graphite Private Equity Trust and Graphite Capital Partners V. Since then, Equanet has seen its turnover grow by 22%, to £65.2m, and its profits increase by 35% to £2.4m.

Equanet delivers high volumes of computer hardware and software to large private sector organisations and public sector bodies such as local authorities, hospitals and fire brigades.