Investcorp buys Scottish oil field services firm

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Bahrain-based investment manager Investcorp has bought a controlling stake in Scotland-based oil field services provider Hydrasun, taking its US$1bn Gulf Opportunity Fund closer to full deployment.

Investcorp has been selling assets and making new investments as financial markets recover from the twin blows of the Arab Spring uprisings and the global financial crisis.

The company did not disclose the size of the stake or the value of the deal, but said it bought the holding from Equistone Partners Europe Limited.

"It's in the middle market range," Mohammed al-Shroogi, Investcorp's president for the Gulf business, said on Monday.

"The size of the transaction is between the US$150m and US$300m range."

This is the fund's seventh deal. About US$750m of Investcorp's Gulf fund is currently invested and the company expects to fully deploy the fund by the end of July, al-Shroogi told Reuters last month.

Having focused in the past few years on deals in the Gulf region, Investcorp is increasingly buying stakes further afield.

Investcorp, which previously took public luxury brands Gucci and Tiffany & Co, had US$11.5bn in assets under management as of June 30, 2012.

The company last year sold truck and trailer parts distributor FleetPride to private equity firm TPG for over US$1bn.

Related:
Companies

Market Performance

Investcorp Bank
669.0
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Petroleum producers shift attention from Middle East: Kemp

Petroleum producers shift attention from Middle East: Kemp

Following four decades of war, sanctions, nationalisation and...

Back in business

Back in business

Iran’s tankers are back on the oceans as sanctions on the Islamic...

A new future for Saudi Arabia?

A new future for Saudi Arabia?

The vast Wadd Al Shimal phosphate mine in the north of Saudi...

Most Discussed
  • 10
    UAE teens among the highest for obesity rates

    Everyone in UAE knows that biggest is best.

    UAE may not light up the international league tables in standard of living, education standards, press... more

    Friday, 29 August 2014 4:20 PM - Proud UAEer
  • 9
    UK politician sacked over burka binbag jibe

    @kingkaiser - exactly! It's a very complex issue and I couldn't agree more. What we also hopefully can all agree on is that no woman should ever be mocked... more

    Friday, 29 August 2014 4:19 PM - Doug
  • 1
    Qatar 'ready to rebuild Gaza'

    Once again my greatest respect for Qatar, and shame on other Arab countries.
    more

    Friday, 29 August 2014 10:53 AM - Ralph Edelman