Bahrain: The Investcorp Gulf Opportunity Fund – along with other affiliates of Investcorp, a leading provider and manager of alternative investment products, announced today that they have agreed to acquire a controlling stake in Hydrasun, an international provider of fluid control equipment and solutions for the global offshore oil and gas sector, from Equistone Partners Europe Limited. The value of the transaction was not disclosed.
Founded in 1976 in Aberdeen, Scotland, Hydrasun has international operational bases in the United Kingdom, Middle East, the Netherlands, Caspian Sea, Brazil, West Africa and the Gulf Coast of the United States. Hydrasun is specifically engaged in the integration, manufacture and testing of hydraulic equipment and fluid connectors for the offshore oil and gas sector. Its products and services are mainly used across the offshore oil and gas sector with further application in the petrochemical sector. The company employs approximately 600 personnel and has state-of-the-art engineering, production, manufacturing, training and warehousing facilities.
Fahad Murad, Managing Director at Investcorp and regional head for Qatar and Oman, said: "Hydrasun is a strategic acquisition for us as it has a solid presence internationally and regionally within the oil and gas sector. This is a fast growing industry and we look forward to working with Hydrasun's management team to capitalize on its growth potential within the Gulf and MENA markets."
Bob Drummond, Chief Executive of Hydrasun, said: "We are delighted to partner with Investcorp given their previous success in investing in the international oil and gas sector coupled with their global network and deep rooted heritage in the Gulf. We believe this transaction will enable us to continue to grow organically and pursue strategic acquisitions to further accelerate our international footprint."
Hydrasun's key competitive advantage is its ability to manufacture in-house and customise product solutions for its clients, supply a broad and differentiated product portfolio and deliver a flexible, timely and h