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PRINT THIS PAGE UK buy-out firm Graphite Capital sells UK fashion retailer Jane Norman for £117.4m29/07/2005. Source: AltAssets. 
 UK buy-out firm Graphite Capital has sold its majority shareholding in UK women's fashion retailer at Jane Norman to an Icelandic investor group comprising Kaupthing Bank and Baugur Group for £117.4m. The transaction provides Graphite with a total return of 2.9 times its investment and an internal rate of return of more than 50 per cent, according to Graphite.
Jane Norman targets the 15 to 25-year age group. Graphite acquired a majority shareholding in Jane Norman in 2003 when it backed the £70m management buy-out led by chief executive Saj Shah.
Graphite partner Andy Gray, said, 'Saj Shah is an exceptionally experienced chief executive and, under his leadership, Jane Norman has become a very successful business with great prospects. The growth of the business has accelerated rapidly and this is an opportune time for new investors with a proven record in UK retailing to come on board. The sale also provides us with the opportunity to crystallise an attractive return for our investors.'
Graphite is a specialist provider of private equity finance to mid-market companies in the UK. Typically it invests between £10-50m of equity in transactions valued at up to £125m. Graphite focuses on management buy-outs and buy-ins, expansion capital, replacement capital and turnarounds.
The firm manages £750m through three private funds and the publicly quoted Graphite Enterprise Trust.
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