The Investcorp Gulf Opportunity Fund – along with other affiliates of Investcorp, a provider and manager of alternative investment products, have agreed to acquire a controlling stake in Hydrasun, an international provider of fluid control equipment and solutions for the global offshore oil and gas sector, from Equistone Partners Europe Limited. The value of the transaction was not disclosed.
Hydrasun has international operational bases in the United Kingdom, Middle East, the Netherlands, Caspian Sea, Brazil, West Africa and the Gulf Coast of the United States. Hydrasun engages in the integration, manufacture and testing of hydraulic equipment and fluid connectors for the offshore oil and gas sector. Its products and services are mainly used across the offshore oil and gas sector with further application in the petrochemical sector. The company employs approximately 600 personnel and has state-of-the-art engineering, production, manufacturing, training and warehousing facilities.
Mohammed Al-Shroogi, president for Gulf Business at Investcorp said: “We are excited about 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. We look forward to supporting Hydrasun’s experienced management team as it continues to execute its strategy of expanding into new geographies.”
Al Shroogi added: “This acquisition is the result of a continuous effort to bridge international companies with expansion plans in the Gulf’s growing oil and gas sector. Hydrasun represents an opportunity for us to fulfill our mandate from our investment partners in the Investcorp Gulf Opportunity Fund.”
Bob Drummond, chief executive of Hydrasun, said: “We are delighted to partner with Investcorp given their previous success in investing in the international oil and gas sector coupled with their global network and deep rooted heritage in the Gulf. We believe this transaction will enable us to continue to grow organically and pursue strategic acquisitions to further accelerate our international footprint.”
