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Gulf Capital Completes its Full Exit from Gulf Marine Services through Four Block Sales on the London Stock Exchange

Gulf Capital Completes its Full Exit from Gulf Marine Services through Four Block Sales on the London Stock Exchange
June 26, 2018

Gulf Capital Completes its Full Exit from Gulf Marine Services through Four Block Sales on the London Stock Exchange, generating a Multiple of over 5.3x on its Investment and an IRR of 31%

Firm is working simultaneously on half a dozen exits across its private equity and private debt divisions in a record exit year

(Abu Dhabi- June 26, 2018) – Gulf Capital, one of the largest and most active alternative asset management firms in the Middle East, recently completed its full exit from Gulf Marine Services (“GMS”) through four consecutive block sales over the last month on the London Stock Exchange.

Through a series of a leveraged recapitalisation pre-IPO, a highly successful IPO on the London Stock Exchange and several block sales post IPO, Gulf Capital completed the realisation of its investment in GMS and generated, in total, a Multiple on Original Invested Capital (MOIC) of over 5.3x and an IRR of 31% for GC Equity Partners II, its second private equity fund which held the GMS investment.

GMS is the leading operator of self-propelled Self Elevated Support Vessels ("SESV") in the Middle East and in the Southern North Sea in Europe, with clients in the offshore oil and gas industry and wind turbine installation sector. 

Commenting on the final exit, Dr. Karim El Solh, CEO and Managing Partner of Private Equity at Gulf Capital, said:  "The last four block sales over the last month on the London Stock Exchange completed our final exit from GMS. We are extremely happy with the performance and growth of GMS during our ownership period and by the attractive returns generated for our investors in GC Equity Partners II. From the date of our entry in 2008 until the end of 2017, GMS increased its EBITDA by over 500% and has grown from being a local UAE company to becoming a dominant global leader in its industry. During this period, the financial performance of GMS has been remarkable, registering an impressive annual compound growth rate (CAGR) of 18% in revenues and over 20% in EBITDA. This proprietary control investment in GMS represents the template for future control growth buy-outs in the Middle East and is a good testimony of the strong returns that can be generated from private equity in the Gulf region."

Mr. Richard Dallas, Senior Managing Director of Private Equity, Gulf Capital, added: "This is a landmark transaction not only for Gulf Capital, but also for private equity in the Middle East. It demonstrates that our region is capable of growing world-class businesses and of competing on a global scale. It also demonstrates that private equity firms in the Middle East can execute successful exits through a combination of leveraged recapitalisations, IPOs and secondary block sales. Gulf Capital is currently evaluating a number of other similar investments in the region and will continue its strategy of partnering with world-class management teams and pursuing proprietary control buy-outs in the Middle East.”

Dr. El Solh concluded: “2018 is proving to be a productive year for Gulf Capital with over half a dozen exits under way in our private equity and private debt divisions. We expect to generate the same amount of proceeds from these exits as the amount we deploy in new investments in 2018, reflecting the increasing maturity of our platform and of our underlying portfolio companies. We are fortunate to be managing the largest private equity fund and the largest private debt fund in the Middle East, with substantial commitments left. We are particularly excited about the prospective investment opportunities in our pipeline given the attractive valuations in the current cycle. We look forward to closing a number of new acquisitions over the coming year as the regional economies recover and resume their growth.”

Download press release in Arabic

 
 
 
 
 

Fraud Alert

Fraud Alert - Important alert to Gulf Capital Investors,Shareholders, the Financial Services Community and the Public

Fraudsters are engaging in a fraudulent email and website scams whereby websites and communications are targeting members of the public and potential investors (victims) by fraudulently using the identity of legitimate members of Gulf Capital's Executive team or Gulf Capital's Board of Directors to solicit investments, fake job offers and other dealings, without authority, and for a malicious purpose. Neither Gulf Capital's Chief Executive Officer nor any members of its Board of Directors or other members of its Executive team have made any offers for investment partnership, offers of employment or other dealings through these channels and the names, and identities of such individuals are being used illegally and without their consent.

Gulf Capital and its management have taken and will continue to take legal action against anyone found misusing Gulf Capital's name or the names or identities of any members of the Board of Directors of Gulf Capital or Gulf Capital's Executive team illegally or without consent for whatever reason.

Report Scams

We invite you to immediately contact fraud-detection@gulfcapital.com* if any of the following occur:

  1. You have received any unsolicited correspondence or investment advice or you think you have been contacted in relation to a possible scam (whether by telephone, email or courier) by sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  2. You have received notice from anyone outside of Gulf Capital informing you or raising concern regarding the fact that they may have been contacted by any sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  3. You have received any communications referencing any of Gulf Capital's Board of Directors that you consider are suspicious or which you are not sure how to respond to.
  4. You have any concerns about the authenticity of any website passing itself off as a website operated by Gulf Capital or referencing the names and identities of the Board of Directors of Gulf Capital or any of its Executive team without authority.
*Note: When forwarding suspicious e-mails to fraud-detection@gulfcapital.com:
  1. Do not modify the original subject line or contents enclosed, and do not include any personal or confidential information.
  2. Forward the full internet headers of any suspicious emails to fraud-detection@gulfcapital.com before deleting as this information willhelp Gulf Capital to track the true origin of the correspondence. The internet headers can be found through your e-mail system from within the e-mail. For example, in Microsoft Outlook, you can find the internet headers by opening the e-mail, then choosing "View" and "Options". Depending on the e-mail system that you use, the process for locating the internet headers will vary. We recommend you either copy and paste the internet header and message into a new e-mail or scan the e-mail and full headers and send as a PDF attachment to ensure it is received by fraud-detection@gulfcapital.com.

Protect Yourself

  1. We recommend that you avoid getting into a conversation with any fraudsters or revealingany personal or identifying information, but you should endeavor to record thepurported name of the person and organisation along with any other information they give you (e.g., telephone number, address etc.) and then forward all such information to fraud-detection@gulfcapital.com.
  2. You should obtain independent legal and financial and professional advice before handing over any funds or entering into any agreements in relation to such solicitations.
  3. We recommend that you not respond or open any attachments or links associated with any suspicious e-mails.
Copyright © 2017 Gulf Capital Pvt. JSC. All rights reserved.

Illegal Use of Gulf Capital's Name

Phishing Email Alert

Gulf Capital Pvt. JSC has recently become aware of a spate of fraudulent emails purporting to offer financing from, and employment at, Gulf Capital and Gulf Capital Credit Partners (DIFC) Ltd. and misusing the official Gulf Capital logo and trade name. These emails do not originate from Gulf Capital or any of our affiliates. If you have received any such email, do not click any links in the email or provide any personal information (e.g. your bank details or copies of identity documents).

There are a number of illegal advance fee scams in operation where our name and those of our Board of Directors and Senior Management are being impersonated and abused.

The Gulf Capital name, and sometimes the names of individual employees within our firm, have been used in various fraudulent scam emails, letters and phone calls. These communications typically seek to attract a victim by suggesting that project funding or a job can be obtained by paying an upfront fee. Sometimes fake documents are sent to the victim and websites mimicking the Gulf Capital name and brand are used.

Common themes include:

  • the use of similar domain names designed to appear legitimate; examples include using phishing email accounts from domains such as: @gulfcp.com, @gullfinvest.com, board members name@outlook.com, @gulfunioninvestment.com, name@gullfcapital.com
  • offers of work/visa services related to employment in the Middle East upon payment of administrative, medical and other fees;
  • offers of project financing upon payment of a fake surety bond and due diligence fees;
  • forged Board of Directors resolutions approving loans, MOUs, loan agreements claiming "100% refundable" professional service fees;
  • bogus look-alike websites;
  • fake profiles on LinkedIn and My Opportunity purporting be Directors or Management of Gulf Capital;
  • "signed" and stamped contracts purporting to be provided by us regarding project financing; and
  • use of our UAE telephone numbers by criminal impersonators.

This is not an exhaustive list of scams. New schemes designed to steal the business public's money or personal data are being invented all the time or for use in other illegal activities. Please act prudently and sensibly for your own protection and take note of our Fraud Alert on our website. The perpetrators may not always request money or personal details on initial contact, but often wait until the victim has responded.

Please note that Gulf Capital and its Management and Directors have no involvement in these or any other scams, and will vigorously prosecute any violators in tandem with the concerned authorities. Our name is being used in an unauthorized and illegal way. Note that we do not use Gmail, Hotmail, Outlook or Yahoo addresses.

We recommend you delete scam emails and do not reply to scam letters, emails, calls or faxes, and do not send money to strangers. If you need to confirm with us whether a communication is genuine, please contact us at fraud-detection@gulfcapital.com.

I have read and understood the Fraud Alert, Terms & Conditions of Use and Privacy Policy. I accept the terms and condition therein and wish to proceed to the Gulf Capital website.