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Dominion Buys Global Gas

Graphite Capital has sponsored a Gbp22 million (US$44m) bolt-on acquisition of Global Gas, for its Dominion Gas portfolio company.

RBS Structured Financing provided debt financing for the deal. Law firm Maclays advised Dominion.

No terms were disclosed for Graphite's June MBO of Aberdeen-based Dominion Technology Gases, but financing is understood to have been slightly less than Gbp30 million, taking total financing for Dominion to more than Gbp50 million (US$99m) to date.

Global Gas, founded by Keith Pirie, is a supplier of diving gases to the oil and gas industry and has a strong presence in Azerbaijan, Singapore and West Africa. The merger increases the group's global workforce from 52 to 70.

Pirie has rolled over a proportion of his proceeds from the deal to become a shareholder and will join the Dominion board as international sales and business director.