The Arab Petroleum Investments Corporation (Apicorp), an energy-focused multilateral financial institution, has completed the sale of its equity investment in Ashtead Technology, a leading provider of advanced subsea solutions. 

 

Apicorp’s original investment in Ashtead Technology was made in 2016 alongside UK-based private equity firm, Buckthorn Partners, and formed a key part of Apicorp’s strategy to diversify its investment portfolio across the energy value chain while supporting the development of the Arab energy industry. 

 

The investment saw Ashtead Technology swiftly expand its range of market-leading innovative technologies through a series of value-accretive M&A targets offering complementary services and establish a local presence in the Middle East and North Africa, thereby facilitating the transfer of highly specialised technical know-how to the region and maximising value from offshore energy assets. 

 

High-growth companies

Commenting, Khalid Ali Al-Ruwaigh, CEO of Apicorp, said: “The Ashtead investment is a prime example of Apicorp's commitment to investing in high-growth companies that are transforming the energy sector. Our partnership with Buckthorn Partners exemplifies our investment philosophy which centers around working closely with like-minded partners to foster innovation which supports a balanced energy transition and aids sustainable economic growth.”

 

Nicholas Gee, Founding Partner of Buckthorn Partners, said: “Buckthorn’s partnership with Apicorp started with our investment together in Ashtead Technology. The Partners at Buckthorn are very pleased to have supported Apicorp’s investment strategy and that the investment in Ashtead has been such a successful one. We look forward to continuing the partnership in our existing investments together, and with others in the future.”

 

Apicorp’s investment in Ashtead Technology has had a positive impact on the region with job creation, technology transfer, and development of local suppliers. Ashtead Technology has played a role in the development of the region’s energy sector by providing innovative solutions that help to reduce costs and improve efficiency. 

 

Business diversification

The investment also saw the business diversify into services for offshore renewables which helped accelerate the energy transition and innovation for a more sustainable blue economy. 

 

Apicorp's longstanding relationship with Buckthorn Partners has been instrumental in achieving successful investments aligned with its strategic objectives. The collaboration between the two entities extends beyond Ashtead Technology, as demonstrated by their co-investment in Coretrax.-- TradeArabia News Service