NEW YORK, June 18, 2013 /PRNewswire/ -- Investcorp Gulf Opportunity Fund announced today that it has agreed to acquire a 38% stake in Al Yusr Industrial Contracting Company WLL ("AYTB"), a leading provider of technical industrial support services to the petrochemical, oil & gas and other key industrial sectors in Saudi Arabia and Qatar.
AYTB was founded in 1979 in Jubail and over its 33 year history has made a significant contribution to the industrial growth of the Kingdom of Saudi Arabia. The company has rapidly developed its capabilities and offering to become a leading provider of a full range of industrial services outsourcing solutions to support its clients' needs in operation and maintenance, construction and fabrication, industrial cleaning as well as facility management, catering and accommodation services.
AYTB's clients include many of the region's leading petrochemical and oil & gas companies, including SABIC and Saudi Aramco. The company employs over 4,000 people across its operations in Saudi Arabia and Qatar.
Investcorp has extensive experience in acquiring, creating value in and successfully exiting companies engaged in the oil and gas sector. Just four months ago, the Investcorp Gulf Opportunity Fund also invested in Hydrasun, an international provider of fluid control equipment and solutions for the global offshore oil and gas sector. In 2007, Investcorp acquired Moody International, a leading global provider of inspection services and international certification. During Investcorp's ownership of Moody, Moody completed six add-on acquisitions, facilitating the company's international expansion.
Mohammed Al-Shroogi, President of Investcorp's Gulf activities, commented: "Saudi Arabia is currently experiencing a boom in industrial growth and as a trusted, well-established partner of choice to its many clients, we believe AYTB has excellent growth prospects given the continuing increase in demand for services in the petrochemical, oil & gas, power, water desalination, heavy industrial and mining sectors."
Amr Ben Halim, founding shareholder and board member of AYTB, said: "We look forward to partnering with Investcorp. This investment demonstrates confidence in the future prospects of AYTB. We are well suited partners, sharing deep knowledge and experience of the oil and gas and petrochemicals industries and we very much look forward to leveraging its extensive network in the region to facilitate AYTB's expansion in both Saudi Arabia and internationally."
Tristan de Boysson, Managing Director, Investcorp Corporate Investments-MENA added: "AYTB is a leader in its field with a strong brand reputation and has evolved to become the 'one-stop-shop' for the industrial service sector. We look forward to working with the management team to consolidate this position as we focus on executing the strategic plan set out by the company."
Abdulmohsen Ogaili, the CEO of AYTB, said: "Throughout our history we have strived to provide our clients with quality services and reliable resources and are proud to have supported the development of the Saudi Arabian petrochemical and oil and gas industries. AYTB is a Saudi success story steeped in history which is set to benefit from this partnership."
Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in New York, London, Bahrain and Saudi Arabia. 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.
AYTB has grown in the last 30 years to be a leading provider of services and solutions to clients in Saudi Arabia and Qatar. AYTB is a fully integrated organization providing industrial, technical and logistical support services, including operations and maintenance services, construction and fabrication, industrial cleaning as well as facility management, catering and accommodation services to its clients in the oil & gas, petrochemical, power generation and other major industrial sectors in Saudi Arabia and Qatar. Further information is available at www.aytb.com.