Graphite Capital, the UK private equity firm formerly named Foreign & Colonial Ventures, has backed the £23m (€37m) management buy-out of Applied Energy Products, the UK manufacturer of ventilation and heating products.

The buy-out was part of Marconi's sale in December 2001 of General Domestic Appliances, owner of the Hotpoint washing machine brand as well as the three brands of Applied Energy Products. Graphite was introduced to the deal by Cavendish Corporate Finance, the UK middle market specialist advising Marconi.