Investcorp acquires controlling stake in Scottish oil field services provider Hydrasun
18 February 2013
Bahrain-based investment manager Investcorp has acquired a controlling stake in Scottish oil field services provider Hydrasun from Equistone Partners Europe Limited.
Investcorp, which has around $12 billion in assets under management, did not disclose the financial terms of the deal but analysts said that Investcorp may have paid between $200 million to $300 million.
Hydrasun is a leading specialist provider of integrated fluid transfer, power and control solutions to the energy, petrochemical, marine and utilities industries worldwide, including in the harsh and technically demanding environment of the offshore oil and gas industry in the North Sea, West Africa and Caspian regions.
Founded in 1976, the Aberdeen-based company also sells flexible hose, hydraulics, integrated instrumentation products, umbilicals and extruded solutions, and integrity management services.
It has operational bases and manufacturing facilities in the UK, West Africa, Caspian, South America and Europe.
Hydrasun's key competitive advantage is its ability to manufacture in-house and customise product solutions for a number of blue chip customers and has worked for leading regional and global oil and gas operators, drilling contractors and service companies including British Petroleum, General Electric, Petrobras and Transocean.