Mid-market private equity firm Graphite Capital has completed a management buy-out (MBO) of car repair products company U-POL.

Mid-market private equity firm Graphite Capital has completed a management buy-out (MBO) of car repair products company U-POL for £130 million.

This is the second time Graphite has backed an MBO of U-POL. It first acquired the company in 2002 and sold it to private equity investor AAC Capital Partners three years later.

U-POL chief executive Phil May, who joined the business in 2006, is leading the senior management team, all of whom are reinvesting some of their proceeds from the MBO in the business.

Debt facilities for the transaction were provided by RBS, HSBC, Clydesdale Bank and Bank of Ireland.

U-POL supplies vehicle repair products such as adhesives and polishes worldwide from its manufacturing facility in the East Midlands.