Unicorn Investment Bank has taken a 70 per cent stake in Bahrain Maintenance and Diving Services, an oil and gas services company, through its Unicorn Global Private Equity Fund.
Established in 1976, BMDS specialises in commercial diving, rigging, marine construction and fabrication. The company has grown to become one of the most experienced companies operating in its field with a long track-record of servicing companies operating in the oil and gas sector in Bahrain.
Aamir Khan, managing director of global private equity at Unicorn, said, “BMDS has developed an outstanding reputation for being a reliable provider of commercial diving, rigging and fabrication services to the oil and gas sector in the Kingdom of Bahrain. The company has developed outstanding relationships with some of the largest players in the sector and is well-placed to leverage its experience and client base to further grow its business.”
The investment in BMDS marks the sixth investment by Unicorn’s Global Private Equity Fund. Previous investments have been made in Orimix Concrete Products, a ready-mix concrete producer based in Fujairah, UAE; Al Safat Industries Holding Company in Kuwait; Precision Time in Utah, US; Ellington Leather in Oregon, US; and Gulf Strategic Partners in Bahrain. The fund successfully disposed of its shares in Orimix Concrete Products in June 2008, generating a return on capital of 160 per cent and an internal rate of return of 98 per cent.
Dubai-based private equity firm Abraaj Capital also aims to take advantage of opportunities in the Middle East despite the dour economic climate. The firm recently expanded its operations by opening a new office in the Saudi Arabian capital of Riyadh.
About the company: http://bmdswll.com/