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Publish Date : 20-Feb-2013

The Investcorp Gulf Opportunity Fund, a Bahrain-based investment manager, has inked a deal to acquire a controlling stake in oil and gas services company Hydrasun from private equity firm Equistone Partners Europe Ltd.

Equistone supported a management acquisition of the company in 2007 in a deal that valued the business then at Ł75m.

Hydrasun holds expertized in fluid control equipment and solutions for the global offshore oil and gas industry.

The deal, which is subject to approval from regulators, is expected to be worth around Ł150m.

Aberdeen-based Hydrasun staffs nearly 600 people and has announced earnings in the current fiscal of over Ł105m.

The firm was set up in 1976 and owns operational bases in the UK, Middle East, the Netherlands, Caspian Sea, Brazil, West Africa and the Gulf Coast of the United States.

Mohammed Al-Shroogi, Investcorp president for Gulf business, 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\".

He added : \"We look forward to supporting Hydrasun\'s experienced management team as it continues to execute its strategy of expanding into new geographies\".

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