UAE-based Gulf Capital has exited its investment in ECDC Holding Corp, a provider of oil and gas drilling and production services.
The Abu Dhabi company first invested in ECDC in 2014 to finance growth opportunities, including in the Egyptian energy market. A follow-up investment was made in 2017 as part of the company’s growth plans.
In a statement on Monday, the investment firm said it has made a full exit of its investment in ECDC, which is part of ADES Investments Holding, a major shareholder in the London Stock Exchange-listed ADES International. The company did not specify the reason for the exit and the size of its investment.
“This highly successful exit reinforces Gulf Capital’s position as a pioneer in providing tailored and flexible growth capital solutions to successful regional companies and helping exceptional management teams execute their ambitious growth plans,” said Omar Rifai, managing director at Gulf Capital.
According to Ayman Abbas, director of ECDC, Gulf Capital’s investment provided “significant value to all stakeholders”.
“We highly value our relationship with Gulf Capital and its management team and wish them all the success in the future,” Abbas said.
Gulf Capital currently manages more than $2.5 billion in assets across seven funds and investment vehicles. Since inception, it has closed 36 investments.
Last month, the company announced that it has completed the sale of its 70 percent stake in Turknet, an alternative internet service provider in Turkey.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021