For UK private equity firms, it was a tough year to complete buyouts with record prices being paid for businesses and stiff competition from trade buyers.

Mid-market private equity firm Graphite Capital, which owns stakes in restaurant chain Hawksmoor and private members club The Groucho Club, had a quieter year than most. Unusually, the London-based firm did not do a single buyout in 2015. Instead, the firm completed an add-on acquisition at one of its portfolio companies and focused on selling businesses, exiting four companies over the course of the year.