Bahrain-based investment manager Investcorp has bought a controlling stake in Scottish oil field services provider Hydrasun, taking its US$1bn Gulf Opportunity Fund closer to full deployment
The company did not disclose the size of the stake or the value of the Hydrasun deal, but said it bought the holding from Equistone Partners Europe Limited.
Mohammed al-Shroogi, Investcorp's president for the Gulf business, said, "It's in the middle-market range."
"The size of the transaction is between the US$150mn and US$300mn range.
"This is the fund's seventh deal. About US$750mn of Investcorp's Gulf fund is currently invested and the company expects to fully deploy the fund by the end of July.
"This acquisition is the result of a continuous effort to bridge international companies with expansion plans in the Gulf's growing oil and gas sector," al-Shroogi told Reuters.
Investcorp had previously took public luxury brands Gucci and Tiffany & Co.
