Easternrange, a UK private investment vehicle, has bought Go Plant, a specialist vehicle hire company, from Graphite Capital for an undisclosed amount. Graphite has made a return of 4.2 times its original investment from the deal.
Graphite originally backed the £3.5 million management buyout of Go Plant from the environmental services business of AAH in 1995. Graphite invested another £1.8 million towards Go Plant’s acquisition of Shropshire Road Sweepers in 1999.
Go Plant operates a fleet of more than 1,000 specialist vehicles including road sweepers, refuse vehicles and gully cleaning machines. Sales increased by 59 percent to £27.6 million between 2004 and 2007.
London-based Graphite Capital manages more than £1.2 billion through three private funds and the quoted Graphite Enterprise Trust. The firm is currently investing its £475 million fund that it raised in May.