Unicorn Global Private Equity Fund acquires 70% equity stake in a Bahrain based oil and gas services company

The acquisition was completed through the Fund's wholly-owned subsidiary, Regional Energy Services Holding.

Established in 1976, BMDS is a leading Bahrain oil and gas services company specialising in commercial diving, rigging, marine construction and fabrication. BMDS has grown to become one of the most experienced companies operating in its field with a long track record of servicing leading companies operating in the oil and gas sector in Bahrain. The company adheres to stringent safety regulations and has received several awards from its contract clients for employee health and safety awareness. In 2006, BMDS was named Best Contractor of the Year by Gulf Petrochemical Industries Co. (GPIC).

Commenting on the acquisition, Aamir Khan, Managing Director of Global Private Equity at Unicorn, said: "BMDS has developed an outstanding reputation for being a reliable provider of commercial diving, rigging and fabrication services to the oil and gas sector in the Kingdom of Bahrain. The company has developed outstanding relationships with some of the largest players in the sector and is well-placed to leverage its experience and client base to further grow its business."

Ahmed Abdul Rahman, Private Equity Director at Unicorn, added:

"We look forward to working with BMDS's highly experienced management team to explore the synergies with other portfolio companies held by the Unicorn Global Private Equity Fund and to support the company's next phase of growth."

The investment in BMDS marks the sixth investment by Unicorn's Global Private Equity Fund. Previous investments have been made in Orimix Concrete Products, a leading ready-mix concrete producer based in Fujairah, UAE; Al Safat Industries Holding Company in Kuwait; Precision Time in Utah, USA; Ellington Leather in Oregon, USA; and Gulf Strategic Partners in Bahrain.

The Fund successfully disposed of its shares in Orimix Concrete Products in June 2008, generating a return on capital of 160% and an Internal Rate of Return (IRR) of 98%. The sale of Orimix allowed Unicorn to distribute over 50% of the Fund's initial invested capital to unitholders in less than two years and was recently named Islamic Finance Deal of the Year by Euromoney magazine.