• APICORP exits Ashtead Technology after seven years of investment
• APICORP's investment helped the company grow significantly while supporting the Arab energy sector
Saudi Arabia, July 10, 2023 - The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral financial institution, has announced that it has completed the sale of its equity investment in Ashtead Technology, a leading provider of technologically-advanced subsea solutions, tools and systems to the construction and maintenance of offshore energy infrastructure.
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 specialized technical know-how to the region and maximizing value from offshore energy assets.
Commenting on the announcement, Khalid Ali Al-Ruwaigh, CEO of APICORP, said: “We are delighted to have successfully exited our investment in Ashtead Technology, 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.”
Commenting on the announcement, 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. 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.
The exit from Ashtead Technology is in line with APICORP’s strategy of regularly reviewing its portfolio and divesting from investments that have achieved their envisaged objectives.
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