Gulf Capital exits Kuiper Group via sale to India's Asian Energy Services
Gulf Capital, one of the largest private equity firms investing from the GCC to the rest of Asia, has announced its full exit from Kuiper Group, in a strategic sale transaction to India-based Asian Energy Services.
The transaction comes on the heels of the previous successful sale of Kuiper's Australian operation in a carve-out management buyout in Q3 last year.
Asian Energy Services, a leading Indian integrated service provider to the energy and mining sectors, acquired 100% stake in Kuiper Group, from both Gulf Capital and the founders of Kuiper and OCB Oilfield Services. The acquisition, which will be funded through a combination of internal accruals and debt, is expected to be completed within the next two months, said a statement.
Upon the initial acquisition of the leading Dubai-based Oil & Gas offshore crew provider, OCB Oilfield Services, Gulf Capital worked closely with the management team to expand across the fast growing Asian markets. This led to the acquisition of Singapore-based Kuiper International, a dominant player in the offshore construction and maintenance services sector. Gulf Capital has developed a long track record of building pan-Asian leaders through a mix of bolt-on acquisitions and organic growth.
Richard Dallas, Senior Managing Director at Gulf Capital, said: 'We built in Kuiper Group a leading international energy business services platform, together with the management team. Kuiper Group has become a global leader and has presence today in more than 15 Asian, Middle Eastern, and African countries. This offers the new strategic buyer, Asian Energy Services, the opportunity to scale its operations, access a larger addressable market, and support its long-term growth plans.'
Kapil Garg, Managing Director, Asian Energy Services Limited, said: 'The acquisition of Kuiper Group marks a pivotal milestone in Asian Energy Services' journey to expand its footprint across key energy markets in the Middle East and Southeast Asia. This strategic move enables us to participate more actively in global energy projects and establish a scalable, future-ready platform for long-term growth. Kuiper Group's strong presence in these regions will serve as a foundation for Asian Energy to broaden its integrated O&M services offering. We also aim to support and grow Kuiper's existing business. I warmly welcome Kuiper's management team and employees to the Asian Energy family and look forward to working together following the completion of the acquisition." –
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