Bahraini investor to buy Hydrasun
Owner Equistone Partners inks sale deal with Investcorp
By Gaurav Sharma | CFO UK | Published 12:03, 19 February 13
Global oil and gas services firm Hydrasun will be bought by Bahrain’s Investcorp Gulf Opportunity Fund, it was announced on Tuesday.
In a statement, Hydrasun’s current private equity owners Equistone Partners said the Bahraini investment management group will acquire a controlling stake in the company but that the deal is subject to regulatory approval.
Aberdeen-based Hydrasun was founded in 1976 and has operations in the UK, Middle East, the Netherlands, Brazil, West Africa and USA and employs around 600 people. Equistone Partners acquired the company in 2007 for £75 million. However, the purchase amount paid by Investcorp was not revealed.
Hydrasun has reported revenues in the current financial year of just over £105 million. Investcorp's president for Gulf business Mohammed Al-Shroogi said they were acquiring a leading company in a resilient and rapidly growing segment of the oil and gas sector.
"We believe that Hydrasun is well positioned to continue its growth as it is a leader in its target market with strong client relationships, a unique service offering, experienced managers and a successful business model of local presence and export-led internationalisation,” he added.
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