Graphite Capital exits Applied Energy

Graphite Capital has sold Applied Energy, which manufactures and distributes a range of ventilation, heating and water heating products, to Glen Dimplex for an undisclosed sum.

With headquarters in Dublin, Glen Dimplex boasts electrical heating and domestic appliance brands such as Dimplex, Morphy Richards and Belling.

Mid-market private equity specialist Graphite led the £24 million management buy-out of Cambridgeshire-based Applied Energy from a joint venture company owned by GE and Marconi in December 2001. It is understood that Graphite has trebled returns on its initial investment.

Since the buy–out, managing director John Lee and his team have rejuvenated the product portfolio, created new routes to market and grown sales by nearly 38 per cent to £51.5 million.

Glen Dimplex chief executive Sean O’Driscoll comments that ‘Applied Energy’s excellent brands and presence in the UK market complement our existing range and exposure’.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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