Asset management firm Investcorp has announced that its Gulf Opportunity Fund is to acquire a 20% stake in Gulf Cryo, one of the Middle East’s leading manufacturers in industrial, medical and specialty gases.
Back in 2007, Investcorp launched a fifth line of business, Gulf Growth Capital (GGC), targeting a growing pool of buyout opportunities in the Gulf region.
Gulf Cryo is the third investment by the Gulf Opportunity Fund, its first investment being a minority stake in Redington Gulf, the leading distributor and service provider of IT and telecom products in the Middle East and Africa, and its second, a 70% stake in L'Azurde, the world's fourth largest manufacturer of gold and jewellery and leading Middle East brand.
Investcorp’s President of Gulf Business Mohammed Al Shroogi said, $quot;This investment at this time is evidence that Investcorp continues to be successful in finding high quality investment opportunities and developing distinctive partnerships with leading Gulf names.$quot;
He added, $quot;We are honoured to have formed this partnership with Mr. Al Huneidi and his world class team in Gulf Cryo, and we look forward to supporting the growth of this remarkable Gulf company.$quot;
Mr. Amer Al Huneidi, Gulf Cryo's Chairman and CEO said, $quot;My mission has been to develop Gulf Cryo into a truly pan-GCC industrial gases company by making sustained investment in its asset base and by assembling a management team committed to operational excellence, quality standards and customer service.”
“From amongst different alternatives, I chose to form this partnership with Investcorp, as I believe that Investcorp brings unique capabilities that will accelerate Gulf Cryo's growth and help achieve its full potential.$quot;
Christophe de Mahieu, Co-head of Investcorp's Gulf Growth Capital Business said, $quot;Gulf Cryo is a clear market leader in an attractive sector characterized by high barriers to entry, double digit market growth and resilient margins.”
He added, “The company is extremely well positioned to grow in the future due to its presence across the GCC. I look very much forward to working with Amer and his team on the Gulf Cryo's organic and add-on acquisition strategies.$quot;