Graphite Capital has completed the buy-in management buyout of tyre distributor Micheldever, installing Paul Fox and Richard Sawney as senior directors. The deal grants Graphite a 72 per cent stake in the business, which supplies around four million tyres across the UK each year.

Graphite Capital has completed the buy-in management buyout of tyre distributor Micheldever, installing Paul Fox and Richard Sawney as senior directors. The deal grants Graphite a 72 per cent stake in the business, which supplies around four million tyres across the UK each year.

Founded in 1972, Micheldever now claims to be the UK’s largest independent tyre wholesaler and distributor. Though highly fragmented, this market is now estimated to be worth some £1.3 billion annually. Micheldever itself generated sales in excess of £150 million last year.

With Graphite’s backing – and under the guidance of newly installed chief executive Fox, finance director Sawney and chairman Michael Boxford (who has previously chaired several of the private equity group’s other investments) – the company will look to expand its existing operations and increase its geographic reach.

‘The combined management team draws together a broad range of skills and expertise,’ coos Graphite’s Markus Golser, ‘and we will work with them to considerably expand the group’s wholesale capacity and coverage throughout the UK.’