Investcorp says it has completed the sale of its remaining 15.65% stake in Kuwait-based Gulf Cryo Holding Company
Bahrain-based Investcorp has announced that its Gulf Opportunity Fund 1 (GOF1) has completed the sale of its remaining 15.65 percent stake in Gulf Cryo Holding Company to other shareholders of the Company.
Established in 1953 in Kuwait, Gulf Cryo is a manufacturer, distributor and service provider of industrial gases operating in the MENA and Turkey region.
The company manufactures industrial, medical and specialty gases which are delivered by pipeline, in bulk or in cylinders to a wide range of industries and applications.
Investcorp did not give a value to the stake sale but it is Investcorp GOF1’s third exit in the GCC region following the sale of UAE-based Redington Gulf in 2012 and the Tadawul listing of Saudi-based L’azurde in 2016.
Tristan de Boysson, co-head of Corporate Investment for MENA at Investcorp, said: “The sale of Gulf Cryo marks an important addition to Investcorp’s successful exits in the region. We are very proud to have worked alongside our equity partners, namely the Al Huneidi family as the founder and majority shareholder.”
Amer Al Huneidi, Gulf Cryo's chairman, added: “Our partnership with Investcorp started in 2009 as we were looking for a value-added partner to help Gulf Cryo achieve its full potential.
"We look forward to continuing this momentum, benefitting from a larger geographic footprint, and a superior asset base to embark on the new opportunities that lie ahead.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.