Abu Dhabi-based investment firm Gulf Capital has sold the Australian subsidiary of Kuiper Group, a manpower outsourcing company for the offshore energy sector owned by the UAE company.
According to the investment company, the sale was structured as a management buyout, supported by the National Bank of Australia. This is the second exit this month for Gulf Capital, following Middle East Glass in Egypt. Mark Somic , Chief Executive Officer of Kuiper Australia, will stay on as the Chief Executive Officer of Kuiper Group. The firm is convinced that clients will continue to benefit from the synergies and ongoing business affiliation between the two independent entities.
“The business in Australia has grown significantly this year, and we believe that the country’s distinctive business environment commands a standalone operation. This provided the opportunity for the carve-out by the management team. With the strong foundation and leading franchise, Kuiper is well positioned to continue the growth in Australia, and I am honoured to be able to lead it into the next phase of growth as an independent operation, supported by the Group, as and when needed,” noted Somic .
Gulf Capital’s acquisition of Kuiper International, which has a stronghold in the Asia Pacific (APAC) region and Australia, came after the firm bought a majority stake in the Dubai-based oil and gas offshore staff provider, OCB Oilfield Services . Both acquisitions are said to align with the approach of expanding its Gulf companies across Asia through organic growth or bolt-on acquisitions.
Dr. Karim El Solh , co-founder and Chief Executive Officer of Gulf Capital, said: “Kuiper today has a remarkable franchise and a strong management team and is well positioned to continue its impressive growth trajectory in the future. This investment cements Gulf Capital’s track record of backing local companies and transforming them into market leaders across Asia. Gulf Capital had a very productive year so far and the sale of Kuiper Australia represents our second private equity exit this month, following the successful sale of Middle East Glass in Egypt last week.”
Meanwhile, a massive liquefied natural gas (LNG) fleet expansion program is taking place in UAE’s neighboring Qatar. The state-owned energy giant QatarEnergy recently placed another order with China State Shipbuilding Corporation (CSSC) for six additional 271,000 cubic meter QC-Max LNG carriers, described as the largest LNG ships ever built. This brings the total number of LNG vessels on order to 128, including 24 QC-Max mega vessels.