Dominion Technology Gases has been subject to a management buy-out, backed by private equity specialist Graphite Capital.

Dominion chief executive, George Yule, led the experienced MBO team which includes Paul McAlister, business development director, and Gerry Stephens, operations director. The company has also introduced a new finance director, Bryan Park, and a new chairman will be appointed shortly. Both will bring considerable experience of expanding businesses internationally.

Mr Yule explained, $quot;The entire team has worked very hard to develop long term relationships with our customers, delivering reliability, quality and added-value across our range of products and services. With Graphite's support and expertise we will continue to develop this range and explore opportunities to grow the business through acquisitions.$quot;

Yule and his team plan to exploit the expected expansion in the offshore cylinder gas market both at home and abroad. Dominion has already successfully launched its first overseas bases in Norway with sites in Bergen and Stavanger. The company plans to expand its business internationally across the main exploration and production centres, building on its existing relationships with leading global sub-sea contractors and operators in the North Sea.

Since it was founded by Gareth Jones in 1987, Dominion has become the UK's leading independent supplier of specialist gases used for diving, welding and testing by offshore oil and gas customers. In recent years, it has increased its investment in one of the most modern cylinder fleets in the industry and led the move to the larger capacity 300 bar cylinders.

Graphite partner, Mike Innes is excited about taking the company forward saying, $quot;We are delighted to be backing George Yule and the team as they build on the strong legacy left by Gareth Jones. We will work with them to exploit Dominion's strengths and grow internationally.$quot;