Tuesday 18th September 2007
Dominion fuelled by £22 million acquisition
Mid-market private equity outfit Graphite Capital has backed the £22 million acquisition by Dominion Gas of Global Gas Supplies. The acquisition expands the group’s international coverage as a result of Global’s presence in Azerbaijan, Singapore and West Africa.
Global Gas, which was founded by Keith Pirie, is a supplier of diving gases to the oil and gas industry. Funding for the deal includes equity from Graphite and debt facilities from RBS Structured Finance, and takes total financing to over £50 million since the management-buy-out in June.
Pirie is rolling over a proportion of his proceeds from the deal to become a shareholder and joins the Dominion board as international sales and business director. He called the acquisition ‘a logical move for both firms’.
The takeover increases Dominion’s workforce from 52 to 70.
Mike Innes, Anne Hoffmann and Kane Bayliss managed the transaction for Graphite. Euan Leask, John Heiton and Mike Willett managed the transaction for RBS Structured Finance.
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