Standard Chartered Private Equity (SCPE) has announced the acquisition of a minority stake in Topaz Energy and Marine (Bermuda), one of the world’s leading offshore support vessel operators, through an equity investment of $75 million.
Topaz is headquartered in the UAE and operates a fleet of 99 offshore support vessels (OSVs) throughout the Middle East and the Caspian with an existing, growing presence in West Africa.
Topaz’s parent company is Renaissance Services SAOG (“Renaissance”), an Omani company listed on the Muscat Securities Market. The proceeds will be used to fund Topaz’s expansion plan, which includes the acquisition of vessels for existing business and geographical expansion. SCPE will be granted a board seat and will provide strategic insight towards delivering on Topaz’s global business and capital market ambitions.
This is the first investment in the Middle East and North Africa (MENA) energy sector for SCPE, the first private equity transaction in the UAE and the fourth investment overall in the region.
SCPE is committed to investing in successful MENA businesses across sectors and is actively seeking opportunities across the Middle East.
Taimoor Labib, Regional Head of MENA Private Equity & Head of Global Private Equity Portfolio Management at SCPE, said: "We are proud and humbled to have been chosen as strategic partners by one of the leading companies in the UAE and the Middle East, with a global reputation within the oil and gas space.
“Topaz’s high quality management team, committed shareholder base and independent governance are admired by many in the region. We look forward to working with our partners at Topaz and helping the company achieve its long-term strategic objectives”. Mr. Labib will be joining the Topaz Board on behalf of SCPE.
René Kofod-Olsen, CEO of Topaz, added: “Joining forces with a private equity powerhouse like SCPE will enable Topaz to truly accelerate the realization of our strategic plan.
“We have now enhanced the foundation from which we can deliver our ambition for further geographical diversification and growth through both organic expansion and acquisitions. SCPE is investing because of its firm belief in the Topaz story, the team and our strategy, and we look forward to working together in close partnership.”
SCPE is the private equity arm of Standard Chartered Bank. SCPE invests in companies in need of expansion capital or acquisition finance, and in management buy-outs, focusing on companies whose principal operations and management are located in Asia, Africa or the Middle East.