Investcorp Acquires Hydrasun, A Leading Oil Field Services Provider
NEW YORK, Feb. 18, 2013 /PRNewswire/ -- 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.
Hazem Ben-Gacem, Head of Investcorp's European corporate investments activities, commented: "Hydrasun offers a unique and fully integrated range of products and services to the oil and gas sector. Given the continuing rapid demand in the sector, we look forward to working with Hydrasun's experienced management team as it continues to diversify the range of products and services it offers and expand into new geographies."
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 high quality service. It has a significant number of blue chip customers and has worked for leading regional and global oil and gas operators, drilling contractors and service companies including British Petroleum, General Electric, Petrobras and Transocean.
Investcorp is a leading provider and manager of alternative investment products. Investcorp has offices in New York, London and Bahrain and is publicly traded on the Bahrain Bourse (INVCORP). Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. As at December 31, 2012, Investcorp had $11.5 billion in assets under management. Further information is available at www.investcorp.com.