Gulf Capital offloads Kuiper Group to India’s Asian Energy Services: UAE-based private equity firm Gulf Capital has transferred its entire ownership stake in energy services provider Kuiper Group to Asian Energy Services, an energy and mining services provider listed on India’s Bombay Stock Exchange and National Stock Exchange, according to a press release (pdf). Asian Energy Services has now fully acquired Kuiper Group, having bought stakes from the founders of Kuiper and OCB Oilfield Services as well.

The details: The transaction, financed through a combination of internal reserves and external borrowing, is expected to conclude within the next two months, the press release said. Asian Energy Services said in a separate disclosure (pdf) that the transaction came through an all-cash consideration transaction worth USD 9.3 mn, and will see the firm take over its global management team and working capital.

Way back when: In 2013, Gulf Capital acquired a majority stake in Dubai-based OCB Oilfield Services, an oil and gas offshore crew provider, and later expanded into Asia through the acquisition of Kuiper International.

Kuiper’s Australian division was offloaded first, after Gulf Capital went ahead with a carve-out transaction last year that shifted ownership to Kuiper’s local Australian management team in a management buyout sale.

This marks Gulf Capital’s fourth recent exit, the first being its sale of AmCan in January of last year and the second being its exit last year from EGX-listed bottle maker Middle East Glass to Mena Glass Holdings, the company’s majority shareholder.

Three more exits to come? “2025 is proving to be a productive year for Gulf Capital in terms of exits. In addition to today’s exit from Kuiper Group, we are in the process of working on three other large exits which we hope to be announcing over the next two quarters,” Gulf Capital CEO Karim El Solh told EnterpriseAM UAE.

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