13th Mar 2014 16:40
LONDON (Alliance News) - Graphite Enterprise Trust PLC Thursday said it has invested GBP10.9 million in repair and maintenance firm ICR through Graphite Capital Partners VIII, a fund managed by its own managers, private equity firm Graphite Capital.
Graphite Enterprise is an investor in Graphite Capital Partners VIII.
The deal represents 2.5% of the value of Graphite Enterprise Trust's portfolio as at October, 31 2013.
ICR, which serves the energy industry, is now one of the company's ten largest underlying investments.
Graphite said ICR has achieved strong growth over the past three years, with revenue rising to over GBP30 million.
"There are significant opportunities to build the business further as operators seek to extend the life of existing infrastructure," it added.
The stock closed at 613.53 pence Thursday, up 0.53 pence or 0.1%.
By Anthony Tshibangu; [email protected];
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