Unicorn Global Private Equity buys into Bahraini firm

Unicorn buys into Bahraini firm
Manama: Tue, 04 Mar 2008



Unicorn Investment Bank said its unit Unicorn Global Private Equity Fund I
has acquired a 55 per cent equity stake in Manama-based Gulf Strategic Partners (GSP), which operates throughout the GCC and India.

The investment in GSP is the fifth one by Unicorn’s Private Equity Fund, an official said.

The company's previous investments include Orimix Concrete Products, a leading ready-mix concrete producer based in Fujairah, UAE; Al Assriya Industries Holding Company in Kuwait and US-based companies Precision Time in Utah and Ellington Leather in Oregon.

Established in 2004, GSP specialises in pre-operational cleaning services for petrochemical, power, oil and gas and process facilities.

GSP has partnerships with international companies to provide high-technology, world-class solutions to industry in the GCC.

GSP’s services include chemical cleaning, steam blows, hydromilling, high velocity flushing and decontamination cleaning.

GSP’s unique technology solutions allow cleaning of new and existing facilities much faster and more effectively than conventional technology. The demand for such services is growing rapidly as new plants are commissioned across the region.

Commenting on the acquisition, Aamir Khan, managing director of Global Private Equity at Unicorn, said: “GSP has developed outstanding technology solutions to serve the largest industries in the region – oil, gas and power. There is growing demand for their services and they have already developed relationships with some of the largest players in the region, which is remarkable for such a young company."

"We look forward to working with GSP’s highly experienced management team to support the company’s next phase of growth throughout the region," he noted.

Wayne Giles, managing director of GSP, said, "Our partnership with Unicorn will provide us with the capital we need to grow our business and take it to the next level. We are witnessing tremendous demand for our services and are excited at the opportunity of working with Unicorn’s team to explore regional expansion opportunities," he added.-TradeArabia News Service