Asian Energy Services said that it has acquired 100% stake in UAE-based Kuiper Group from Gulf Capital (a marquee private equity fund), for a consideration of $9.25 million in an all-cash deal.
The acquisition is expected to be completed within the next two months, following which Asian Energy will acquire Kuiper Group along with its global management team and normalized working capital. The acquisition will be funded through a combination of internal accruals and debt.
Kuiper Group is a globally recognized provider of comprehensive and integrated manpower solutions, specifically tailored for the energy sector across the Middle East and Southeast Asia. The Kuiper Group has recorded revenue of $68 million in year ending December 2024 and is a profitable business. The acquisition of Kuiper Group is a strategic initiative by Asian Energy Services to expand its services offering of integrated operations and maintenance (O&M) across the Middle East and Southeast Asian countries leveraging Kuipers presence.
Kuiper has well-established presence in energy-rich nations such as Saudi Arabia, Qatar and the UAE. This positions Asian Energy Services to scale its operations, access this larger addressable market, and support its long-term growth ambitions.
Kapil Garg, managing director, Asian Energy Services, said: The acquisition of Kuiper Group marks a pivotal milestone in Asian Energy Services journey to expand its footprint across key energy markets in the Middle East and Southeast Asia.
This strategic move enables us to participate more actively in global energy projects and establish a scalable, future-ready platform for long-term growth.
Kuiper Groups strong presence in these regions will serve as a foundation for Asian Energy to broaden its integrated O&M services offering. We also aim to support and grow Kuipers existing business.
Asian Energy Services (AESL) offers end-to-end services which extend across the entire upstream value chain. AESLs service offerings comprises integrated oil & gas services including 2D and 3D seismic geographical data acquisition, operations and maintenance of onshore and offshore oil and gas production facilities, production enhancement services and mining services including supply and installation of material handling plants and rapid loading systems.
Source: Reuters.com