Graphite sells Dominion Gas to Praxair

The transaction generated a 2.3x return for Graphite. It is understood that as Dominion's international footprint grew, several large multinational trade players approached Graphite concerning a sale around 18 months ago. 

Following the deal, Dominion will be at the centre of Praxair's global and offshore oil and gas operations, which will be headquartered in Aberdeen.

Graphite backed Dominion's £30m management buyout in May 2007. Since then, the company has expanded its international operations and its product range. Shortly after the initial investment, Graphite supported Dominion's £22m purchase of Global Gas Supplies, an independent supplier of cylinder gas.

In the following year, Dominion acquired Argon Isotank, broadening the company's product range further. During the investment period staff numbers increased to 84 from 57.

Company
Dominion supplies specialist gases, gas cylinders, chemicals, tanks and related services used for diving, welding and testing by offshore oil and gas customers. The business has facilities in the UK, Norway, Singapore and west Africa, and serves customers in more than 20 countries.

People
Dominion's management team, led by CEO Russel Davies and finance director Neil Potter, will remain with the business following the deal. Senior partners Mike Innes and Andy Gray, alongside partners Kane Bayliss and Mudassir Khan, managed the transaction for Graphite.

Advisers
Equity – Dundas & Wilson, Douglas Crawford, Sally Flanagan (Legal); Simmons & Company International, Eddie Leigh, Francesca Donati (Corporate finance).

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• Topics
• UK / Ireland
• Exits
• Graphite Capital
• United Kingdom
• Trade sale