Bahrain’s Investcorp Buying Stake in Hydrasun From Equistone

Investcorp SA, the Bahrain-based investment company with $11.5 billion of assets under management, bought a controlling stake in oil and gas services provider Hydrasun in a deal valued at as much as $300 million.

Investcorp acquired the stake from Equistone Partners Europe Ltd. for between $150 million and $300 million, Mohammed Al-Shroogi, the company’s president for Gulf business, told reporters in Dubai today. Aberdeen, Scotland-based Hydrasun provides hydraulic equipment and fluid connectors for the offshore oil and gas industry.

Investcorp, with investments in companies such as Armacell GmbH and Georg Jensen A/S, is making the acquisition through its Gulf Opportunity Fund. Chief Executive Officer Nemir Kirdar said last month the company had a “record deal flow for acquisitions as well as exits” in the six months ended Dec. 31 and last year completed the sale of FleetPride to TPG for more than $1 billion.

“Over the past 12 months Investcorp has done $1.5 billion of deals in the U.S., Europe and Middle East and North Africa,” Al-Shroogi said. “We’re now discussing whether to launch another fund or to do more deal-by-deal investments.”

Investcorp last month sold CCC Information Services Inc. to private equity firm Leonard Green & Partners LP, while acquiring a majority stake in FishNet Security Inc. from Lake Capital. The company’s profit for the six months ended Dec. 31 climbed to $39.2 million from $5.2 million a year earlier.

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