Bluewater hints at deployment and growth strategy for upcoming third fund
Bluewater, the specialist energy private equity firm, has today completed the sale of Kent, a global engineering firm headquartered in Dubai, UAE, to Nesma & Partners, a Saudi Arabian contracting company.
Bluewater acquired Kent (then known as Kentech) in 2015, and under Bluewater’s stewardship has seen revenues soar from $200mn to $1.4bn in a little over eight years.
Tom Sikorski, Founding Partner at Bluewater, added: “We have taken a business headquartered in Dubai, grown its footprint to every corner of the world, and have now sold to a major company in Saudi Arabia who is a strategic player in the region with international ambitions.”
“Having successfully employed a multi-pronged growth strategy with Kent, we will be replicating that in our third fund, which will have a large focus on the Middle East and the US.”
Marcello Stroppa, Managing Director at Bluewater, commented: “Kent is an exceptional growth story. We are very proud to have supported the business over the years and played a role in transforming it from a niche local player to a diversified global leader. The company is led by an extremely talented management team who have flawlessly executed the plan. We believe we have now found the right owner to support Kent in its continued growth.”
John Gilley, CEO of Kent, added: “Thank you to Bluewater for their support since 2015, it has been an incredible journey of growth and achievement alongside its team. We’re looking forward to the next stage of growth, built on the solid foundations created with Bluewater.”
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