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Gulf Capital sells stake in Kuiper Australia: UAE-based private equity firm Gulf Capital sold its stake in Kuiper Australia, a crew management provider in the offshore energy sector, in a management buyout sale backed by the National Bank of Australia, according to a statement (pdf).
Background: Gulf Capital previously acquired a majority stake in Dubai-based oil and gas offshore crew provider OCB Oilfield Services, which saw it later expand into Asia with the acquisition of Singapore-based Kuiper International.
What’s next for the two? Kuiper Australia will now operate as an independent entity, with Kuiper Australia CEO Mark Somic continuing to lead the company. The firm will maintain “synergies and ongoing business affiliation” with Gulf Capital, according to the statement.
The sale marks Gulf Capital’s second exit this month, following its sale of EGX-listed bottle maker Middle East Glass to Mena Glass Holdings, the company’s majority shareholder, last week.
ICYMI- We spoke with Gulf Capital CEO Karim El Solh earlier this year about the firm’s fundraising and exit plans, the markets he’s bullish on, and why dealmaking in the Gulf is booming.
Another exit to come? El Solh told us that the firm plans to complete four exits this year. It has so far knocked out a total of three out of its pipeline in 2024 — the highest it has ever completed in a single year. The company started the year in January with the strategic sale of Amcan, a leading sports and nutritional supplements distribution company,
OTHER M&A NEWS-
OCI sells methanol business to Methanex for USD 2.05 bn: Netherlands-headquartered chemicals company and Fertiglobe’s majority shareholder OCI Global has sold its entire methanol business — operating in the US and Europe — to Canadian methanol producer Methanex in a USD 2.05 bn agreement, according to a press release (pdf). The purchase is set to be completed in 1H 2025, pending regulatory and shareholder approvals.
REMEMBER- OCI Global has deep ties with Adnoc: The company sold its 50% +1 stake in Fertiglobe — its JV with Abu Dhabi National Oil Company — to Adnoc for AED 13.28 bn (USD 3.62 bn), with the acquisition expected to close later this year. The two companies are also exploring partnerships in ammonia, and were said to be eyeing a potential sale that could see Adnoc snap up its US crop nutrient unit Iowa Fertilizers for more than USD 3 bn.
The financials: Methanex will make the purchase by paying USD 1.15 bn in cash, in addition to the issuance of 9.9 mn of its shares valued at USD 450 mn, giving OCI a 13% ownership of the company to make it the second largest shareholder. The share purchase aims to help the firms improve their joint operations, as well as consider potential further investments in the methanol industry cycle.
Background: Nassef Sawiris — who owns a 38.8% stake in the firm — said he was considering overhauling OCI GlobaI in February, including potentially turning the empire into a cash-shell company pursuing acquisitions in new industries. The company sold its blue ammonia project in Texas to Woodside for USD 2.35 bn in August.
