DUBAI Feb 18 Bahrain-based investment manager
Investcorp has bought a controlling stake in
Scotland-based oil field services provider Hydrasun, taking its
$1 billion Gulf Opportunity Fund closer to full deployment.
Investcorp has been selling assets and making new
investments as financial markets recover from the twin blows of
the Arab Spring uprisings and the global financial crisis.
The company did not disclose the size of the stake or the
value of the deal, but said it bought the holding from Equistone
Partners Europe Limited.
"It's in the middle market range," Mohammed al-Shroogi,
Investcorp's president for the Gulf business, said on Monday.
"The size of the transaction is between the $150 million and
$300 million range."
This is the fund's seventh deal. About $750 million of
Investcorp's Gulf fund is currently invested and the company
expects to fully deploy the fund by the end of July, al-Shroogi
told Reuters last month.
Having focused in the past few years on deals in the Gulf
region, Investcorp is increasingly buying stakes further afield.
Investcorp, which previously took public luxury brands Gucci
and Tiffany & Co, had $11.5 billion in assets under management
as of June 30, 2012.
The company last year sold truck and trailer parts
distributor FleetPride to private equity firm TPG for over $1