In February 2006 Graphite Capital led the £85 million management buy-in/buy-out of Micheldever Tyre Services ("MTS"), the UK’s leading distributor of car, 4x4 and motorcycle tyres.

MTS is the largest distributor of tyres to independent retailers in the UK, offering all major premium tyre brands and a number of exclusive mid-range and budget brands. In addition, the company operates one of the UK’s largest chains of tyre service centres. As a result of the unrivalled depth of its product range and its strong focus on customer service, MTS is well placed to drive further consolidation of the UK tyre industry.

Since Graphite’s investment, turnover and profit have risen strongly. MTS’ wholesale customer base has continued to expand, as additional warehouses were opened across the country and the product range was strengthened further. MTS has also grown its retail chain to 64 outlets, of which 48 have been acquired since the buy-out.

Past Specific Recommendations Disclaimer: The selected examples and case studies presented in or referred to herein may not be representative of all transactions of a given type or of investments generally, and are merely intended to be illustrative of some of the types of investment techniques or transaction types that may be made or used by ICG Enterprise Trust plc (the “Enterprise Trust”). In addition, the specific investments presented herein do not include all of the investments that were made by the Enterprise Trust and may not be representative examples of its investments or investment strategies or techniques generally. It should not be assumed that the specific investments identified and discussed herein were or will be profitable or that any investments made in the future will equal the performance of the investments identified herein. Any discussion herein of past investment opportunities should not be relied upon as any indication of future deal flow. Investors will not have an opportunity prior to investing to evaluate any of the investments to be made by the Enterprise Trust or the relevant economic, financial and other information regarding such investments and, accordingly, will be entirely dependent upon the judgment and ability of the Enterprise Trust in investing and managing the capital of a fund. Past performance is not necessarily indicative of future results, and there can be no assurance that any fund will achieve comparable results, that the returns generated by the Enterprise Trust will equal or exceed those of any other fund, vehicle or account or that the Enterprise Trust fund will be able to implement its investment strategy or achieve its investment objectives.


Key stats

  • Invested: £85m
  • Country: UK
  • Date invested: 2006


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