GCC Energy Fund closes first of three deals

Gulf-based GCC Energy Fund has bought into an engingeering company, as it prepares to announce two further investments by January.

The GCC Energy Fund, a private equity fund focused on the Gulf region, has bought a 33 percent equity stake in The Gulmar Offshore Group, a subsea engineering contractor, for an undisclosed amount.

Gulmar: subsea engineering

A source close to the deal told PrivateEquityOnline that a third strategic partner has also bought into the company. 

The GCC Energy Fund will have representation through two seats on the company’s board.

London-based firm Allen & Overy gave legal advice to GCC, while PricewaterhouseCoopers provided financial services.

The fund is about to confirm a recently closed deal in one of the Gulf Cooperation Council states, and is at an advanced stage in another deal, which is expected to close in January.

Two weeks ago the fund led a consortium of investors in acquiring a controlling interest in Oman’s Dhofar Power Company, a private utility company, which supplies energy to the south of Oman.
The GCC Energy Fund, launched in 2005, is the first private equity fund focused on investments in companies and projects in the energy sector in the Middle East.  The fund is sponsored by Gulf International Bank and Standard Bank and co-sponsored by Emirates National Oil Company.