Gulf Capital exits Kuiper Australia in management buyout

ABU DHABI: Gulf Capital, one of the largest private equity firms investing from the GCC to the rest of Asia, announced today its successful exit from Kuiper Australia in a carve-out transaction from its portfolio company, Kuiper Group, a leading manpower outsourcing company in the offshore energy sector. The sale was structured as a management buyout, supported by National Bank of Australia. Mark Somic, Chief Executive Officer of Kuiper Australia, will continue to serve as the Chief Executive Officer of Kuiper Group, and clients will continue to benefit from the synergies and ongoing business affiliation between both independent entities. The sale of Kuiper Australia marks Gulf Capital's second exit this month, following its successful exit from Middle East Glass in Egypt. Following the acquisition of a majority stake in the leading Dubai-based oil and gas offshore crew provider, OCB Oilfield Services, Gulf Capital worked closely with the management team to expand across Asia by acquiring Singapore-based Ku iper International, a dominant player in the offshore construction and maintenance services sector, with a particularly strong presence in the Asia Pacific region and Australia. With offices across the Gulf region and Singapore, Gulf Capital has a strong track record of expanding its Gulf companies across Asia, through organic growth or bolt-on acquisitions, as was the case with Kuiper International. Source: Emirates News Agency