Recent upstart, Gulf Cryo has acquired a majority interest in Gas Tech through its subsidiary, Gulf Cryo Saudi (GCS). The 80% interest purchase constitutes GCS’s first acquisition in the KSA region.
The acquisition was completed earlier this month and sits within Gulf Cryo’s larger framework to expand in the KSA and simultaneously strengthen its market presence in the region. Gas Tech has expressed enthusiasm for the development, indeed the firm’s founder, Mohammad Al Qahtnani described Gulf Cryo as, “the optimum partner”.
Parent company, Gulf Cryo, is confident that the move will extend the geographical reach of Gulf Cryo from the East, where the Saudi subsidiary Gulf Cryo Saudi is located, to the central area of the Kingdom.
Naji Skaf, Chief Operating Officer of Gulf Cryo highlighted the importance of the province, “We view the Kingdom as a strong growth driver for the group. Our move to Riyadh market is a natural one given our reach and we hope to be able to expand our Saudi footprint with similar positions in other parts of the Kingdom.”
Al Qahtnani, Gas Tech responded to the deal with positivity. He said, “I felt that Gas Tech, the company I started, successfully getting close to a glass ceiling, I needed a major player to come in and drive the venture forward. I feel that Gulf Cryo is the optimum partner and I am confident that I will be proven correct in the near future.”
According to acquisition terms, the former owners of Gas Tech will remain with the company, and in doing so, ensure a seamless transition.