Standard Chartered Private Equity (SCPE) has announced the acquisition of a minority stake in offshore support vessel operator Topaz Energy and Marine (Bermuda) through an equity investment of US$75mn
Headquartered in the UAE, Topaz Energy and Marine (Bermuda) operates a fleet of 99 offshore support vessels (OSVs) throughout the Middle East and the Caspian with an existing, growing presence in West Africa, the company said.
SCPE is the private equity arm of Standard Chartered Bank. It invests in companies in need of expansion capital or acquisition finance, and in management buy-outs. SCPE focuses on companies whose principal operations and management are located in Asia, Africa and the Middle East.
SCPE said that the proceeds will be used to fund Topaz Energy and Marine (Bermuda) expansion plan, which includes the acquisition of vessels for existing business and geographical expansion. It will also be granted a board seat and will provide strategic insight towards delivering on Topaz Energy and Marine (Bermuda)’s global business and capital market ambitions.
This is reportedly the first investment in the Middle East and North Africa (MENA) energy sector for SCPE and first private equity transaction in the UAE.
Taimoor Labib, regional head of MENA Private Equity and head of Global Private Equity Portfolio Management at SCPE, said, “Topaz Energy and Marine (Bermuda)’s high quality management team, committed shareholder base and independent governance are admired by many in the region. We look forward to working with our partners and helping the company achieve its long-term strategic objectives.”
René Kofod-Olsen, CEO of Topaz Energy and Marine (Bermuda), added that joining forces with a private equity powerhouse like SCPE will enable the company to truly accelerate the realisation of their strategic plan.
“We have now enhanced the foundation from which we can deliver our ambition for further geographical diversification and growth through both organic expansion and acquisitions. SCPE is investing because of its firm belief in the Topaz Energy and Marine (Bermuda) story, the team and our strategy, and we look forward to working together in close partnership.”
