New Delhi, April 21 -- UAE-based private equity firm Gulf Capital, which manages over $3.1 billion (Rs 26,300 crore) in assets, has exited its investment in Kuiper Group, an offshore manpower outsourcing company in the energy sector. The firm sold its entire remaining stake to an Indian company, which is backed by stock market investor Ashish Kacholia.

Gulf Capital sold its entire remaining stake to a UAE-based subsidiary of Asian Energy Services Ltd in an all-cash deal worth $9.25 million.

According to an exchange filing by Asian Energy Services in India, the acquisition is expected to be completed within the next couple of months. The company will acquire Kuiper along with its global management team, with funding sourced via a mix of internal accruals and debt.

As part of the transaction, Asian Oilfield and Energy Services DMCC (Dubai) will acquire Kuiper Holdings (Abu Dhabi Global Market, UAE) and Kuiper Group (Cayman Islands) from a Gulf Capital-controlled entity based in the Cayman Islands.

Gulf Capital's exit follows the sale of Kuiper's Australian operations through a carve-out management buyout in Q3 2024.

Gulf Capital had entered the business in 2016 through its portfolio company OCB Oilfield Services, a UAE-based offshore crew provider, which fully acquired Singapore-based Kuiper International.

Founded in 2010, Kuiper specializes in providing personnel and technical support services for offshore oil and gas maintenance and construction. The company supports both blue-collar and white-collar staffing needs, including payroll and logistics coordination. Its Australian division was set up in 2012.

In August last year, Kacholia, along with several high-net-worth individuals and family offices, invested Rs 160 crore in Asian Energy Services. The round was led by Titagarh Enterprises Ltd, a subsidiary of train manufacturer Titagarh Rail Systems Ltd, which invested Rs 44 crore.

Founded in 1992, Asian Energy Services provides end-to-end services to the oil and gas industry, including geophysical data acquisition, turnkey drilling, production facility construction, and operations and maintenance.

Published by HT Digital Content Services with permission from VC Circle.