Haykala and Zamil Group acquires Premiere Casing Services
Posted: 22 October 2007
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Haykala Investment Managers and Zamil Group Arabia have jointly acquired 100% of Premiere Casing Services (Premiere) through a leveraged buyout transaction. Haykala and Zamil Group acquired 50% of the company, in a transaction financed by a mix of debt and equity financing.
Premiere is one of the leading oilfield services companies in Egypt , specialized in running steel casing pipes in oil and gas wells. Premiere provides its services to the majority of oil companies in Egypt , and currently commands a significant market share of this particular service.
Both Haykala and Zamil for both vertical and regional growth of the company, especially in the Gulf region leveraging on the strong presence of Zamil Group and Premiere’s long track record in Egypt.
Haykala Investment Managers is an Egyptian private equity company founded in 2005 by Commercial International Bank (CIB) and three members of Haykala’s management team.
The company’s other shareholders comprise Samih Sawiris, Al Futtaim Capital and other high net-worth individuals. Haykala successfully raised EGP 347 million in 2006 by closing a unique private equity fund, focusing on turnarounds. Premiere represents the most recent addition to Haykala’s investment portfolio, comprising Enjoy and Honeywell. It also represents Haykala’s initial entry into the regional oil and gas industry, in which other acquisitions will be targeted.
Zamil Group a family owned global investment company with diverse interests and capabilities. Zamil services is expansive and spans air-conditioning manufacturing to steel fabrication and plastics, paints and cranes to heavy process equipment. The Group is also engaged in shipbuilding and offshore oilfield marine services, port operations and maintenance, petrochemicals and chemicals, industrial investment and general construction.
Headquartered in Saudi Arabia, Zamil Group businesses with 10,000-strong workforce in more than 55 countries. |
