Gulf Capital Exits Kuiper Australia in Management Buyout Supported by National Bank of Australia
Gulf Capital, one of the largest private equity firms in the GCC, announced its successful exit from Kuiper Australia in a management buyout. The deal, supported by the National Bank of Australia, marks Gulf Capital's second exit in September, following its sale of Middle East Glass in Egypt.
Kuiper Australia was part of Gulf Capital’s portfolio company, Kuiper Group, a leading manpower outsourcing firm in the offshore energy sector. The management buyout will allow Kuiper Australia to operate independently while maintaining business synergies with Kuiper Group. Mark Somic, CEO of Kuiper Australia, will continue to lead the broader Kuiper Group, ensuring continuity for clients and maintaining the group's strong presence in offshore energy services.
Gulf Capital’s involvement with Kuiper Group began after acquiring a majority stake in Dubai-based OCB Oilfield Services, followed by the acquisition of Singapore-based Kuiper International. This strategic expansion into the Asia Pacific (APAC) region allowed Kuiper to become a dominant player in offshore construction and maintenance services across more than 20 countries in Asia, the Middle East, and Africa.
Dr. Karim El Solh, CEO of Gulf Capital, expressed satisfaction with the growth of Kuiper Australia under Gulf Capital’s guidance, saying, “We are proud to have built a market-leading services platform in the offshore energy sector and wish Kuiper Australia continued success in its new phase of growth as an independent company.”
Mark Somic, CEO of Kuiper Group, acknowledged Gulf Capital’s role in shaping the company’s growth, stating, “Gulf Capital has been instrumental in our transformation into a market leader. The management buyout reflects our belief in Australia’s business potential, and I am excited to lead Kuiper Australia into its next chapter of growth.”
Richard Dallas, Senior Managing Director at Gulf Capital, highlighted the success of the firm's 'Buy-and-Build' strategy, adding, "The bolt-on acquisition of Kuiper by OCB and its growth across Asia showcases Gulf Capital's operational expertise and commitment to building pan-Asian platforms from the Gulf."
