Muscat: Investcorp, a leading global provider and manager of alternative investments, announced on Sunday that its Gulf Opportunity Fund 1 (GOF1) has completed the sale of its remaining 15.65 per cent equity shareholding in Gulf Cryo Holding Company, to other shareholders of the company.
Established in 1953 in Kuwait, Gulf Cryo is a leading manufacturer, distributor and service provider of industrial gases in the Middle East and North Africa (Mena) and Turkey region. The company manufactures industrial, medical and specialty gases which are delivered by pipeline, in bulk or in cylinders to a wide range of industries and applications.
Tristan de Boysson, Co-Head of Corporate Investment for Mena at Investcorp, said: “The sale of Gulf Cryo marks an important addition to Investcorp’s successful exits in the region. We are very proud to have worked alongside our equity partners, namely the Al Huneidi family as the founder and majority shareholder."
"Together, we have delivered notable achievements, institutionalising Gulf Cryo and supporting its regional expansion plan, both organically and through a series of acquisitions. These achievementsare testament to the success of Investcorp’s business model and our extensive experience supporting the growth of local and regional businesses, while creating value to our investors,” he added.
Amer Al Huneidi, Gulf Cryo's Chairman, said: “Our partnership with Investcorp started in 2009 as we were looking for a value-added partner to help Gulf Cryo achieve its full potential. Today, we want to thank the Investcorp team for their contributions and commitment to support Gulf Cryoby accelerating its growth plan in the GCC and beyond, strengthening management and improving corporate governance."
"We look forward to continuing this momentum, benefitting from a larger geographic footprint, and a superior asset base to embark on the new opportunities that lie ahead,” he added.
The sale of Gulf Cryo marks Investcorp GOF1’s third exit in the GCC region following the sale of UAE-based Redington Gulf in 2012 and the Tadawul listing of Saudi-based L’azurde in 2016.