Gulf Capital Announces Successful Exit From Kuiper Australia In Strategic Management Buyout

Gulf Capital, a major private equity firm in the GCC, has announced its successful exit from Kuiper Australia. This transaction was a management buyout supported by the National Bank of Australia. Mark Somic, CEO of Kuiper Australia, will continue as CEO of Kuiper Group. Clients will still benefit from the synergies and ongoing business relationships between the two independent.

The sale of Kuiper Australia marks Gulf Capital's second exit this month, following the sale of Middle East Glass in Egypt. Gulf Capital had previously acquired a majority stake in OCB Oilfield Services, a leading offshore crew provider based in Dubai. This acquisition led to the expansion into Asia through the purchase of Singapore-based Kuiper International.

Gulf Capital has a history of expanding its Gulf companies across Asia through organic growth or acquisitions. The acquisition of Kuiper International strengthened their presence in the APAC region and Australia. Offices are spread across the Gulf region and Singapore, showcasing their extensive reach.

During Gulf Capital's ownership, Kuiper Group implemented a growth programme focusing on diversifying its customer base, service capabilities, and geographical coverage. This strategy helped build an international energy business services platform with operations in over 20 countries across Asia, the Middle East, and Africa.

Dr. Karim El Solh, co-Founder and CEO of Gulf Capital, expressed satisfaction with the partnership with Kuiper Australia. He stated: "We have enjoyed working and partnering with the talented team at Kuiper Australia and building together the market leading business services platform for the offshore energy sector in Australia." He also highlighted Mark Somic's continued role as CEO of Kuiper Group.

Mark Somic commented on Gulf Capital's role in shaping Kuiper's growth strategy: "Gulf Capital has been an outstanding, high value-add partner as we embarked on our journey together and transformed Kuiper into the market leader it is today." He emphasised that Australia's unique business environment necessitated a standalone operation.

Richard Dallas, Senior Managing Director at Gulf Capital, praised the partnership with Mark Somic and his team: "We were particularly pleased to have partnered with Mark and his management team on this exciting transaction." He noted that Gulf Capital's involvement in portfolio companies like OCB and Kuiper demonstrates their commitment to building pan-Asian platforms.

The bolt-on acquisition strategy employed by Gulf Capital facilitated significant growth for Kuiper across Asia. This approach underscores their operational involvement and ambitious 'Buy-and-Build' strategy.

The sale of Kuiper Australia is part of a productive year for Gulf Capital. Dr. Karim El Solh remarked that this investment solidifies their track record of transforming local companies into market leaders across Asia. The firm continues to support its portfolio companies' growth trajectories.

Kuiper Group now enjoys long-standing relationships with blue-chip energy clients due to its diversified service offerings and geographical reach. The company's strong foundation positions it well for future growth as an independent entity under Mark Somic's leadership.