Investcorp Gulf Opportunity Fund has agreed to acquire a 38% stake in Al Yusr Industrial Contracting Company WLL (“AYTB”), a provider of technical industrial support services to the petrochemical, oil & gas sectors in Saudi Arabia and Qatar.
The company provides a range of industrial services outsourcing solutions to support its clients’ needs in operation and maintenance, construction and fabrication, industrial cleaning as well as facility management, catering and accommodation services.
AYTB’s clients include SABIC and Saudi Aramco. The company employs over 4,000 people across its operations in Saudi Arabia and Qatar.
Just four months ago, the Investcorp Gulf Opportunity Fund also invested in Hydrasun, an international provider of fluid control equipment and solutions for the global offshore oil and gas sector. In 2007, Investcorp acquired Moody International, a provider of inspection services and international certification.
Mohammed Al-Shroogi, President of Investcorp’s Gulf activities, commented: “Saudi Arabia is currently experiencing a boom in industrial growth and as a trusted, well-established partner of choice to its many clients, we believe AYTB has excellent growth prospects given the continuing increase in demand for services in the petrochemical, oil & gas, power, water desalination, heavy industrial and mining sectors.”
