Mid-market private equity firm Graphite Capital has sold Applied Energy, a ventilation and heating company, to Glen Dimplex for an undisclosed sum.
Graphite led the £24 million (€35 million, $49 million) management buyout of Applied Energy from a joint venture company owned by GE and Marconi in December 2001.
Sales at the business have since grown by 38 percent to £51.5 million.
Applied Energy sells the Xpelair, Creda and Redring heating and ventilation brands.
Jenny Michelman, partner at Graphite Capital, said: “Marconi was having problems when we bought the company. The business had been put together a couple of years before we took over and it was also having difficulties. We backed the company’s management which had been brought in to turn the business around.”
Michelman and Simon ffitch carried out the transaction for Graphite.
Graphite recently made a three times return on its original investment from the sale of budget hotels group Golden Tulip to UK leisure company Whitbread for £44 million.