Bahrain-listed alternative investment manager Investcorp has agreed to acquire a 38 per cent stake in Al Yusr Industrial Contracting Company (AYTB), a provider of technical industrial support services to the petrochemical, oil & gas and other industrial sectors in Saudi Arabia and Qatar.
The investment was made via the firm’s Investcorp Gulf Opportunity Fund.
AYTB was founded in 1979 in Jubail and its clients include many of the region’s leading petrochemical and oil & gas companies, including SABIC and Saudi Aramco. It employs over 4,000 people across its operations in Saudi Arabia and Qatar.
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, and made six add-on acquisitions.
Mohammed Al-Shroogi, president of Investcorp’s Gulf activities, said, “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.”
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