Gulf Capital exited its investment in Middle East and Africa energy services contractor Egyptian Chinese Drilling Company.
The move comes seven years after the Abu Dhabi private equity firm made its initial investment. It did not give a reason for its exit.
"We are proud to have supported the exceptional management team at the group since 2014, which was instrumental to the success of the group with a clear and ambitious growth plan and strong execution on the ground," said Gulf Capital chief executive Karim El Solh on Monday.
Gulf Capital first invested in the company in 2014 to finance organic and inorganic growth opportunities, especially in Egypt's energy sector.
It invested further in 2017 to back ECDC's growth plans.
ECDC is part of Ades Investments Holding, the major shareholder in Ades International, a publicly listed company on the London Stock Exchange.
The company has 10 rigs in its fleet, according to its website.
"The investment made by Gulf Capital added significant value to all stakeholders, due to the flexible and tailored financing structure and the unique growth capital solutions provided, which addressed the various considerations we had as a corporation throughout our journey since 2014," said ECDC director Ayman Abbas.
Gulf Capital, which currently manages more than $2.5 billion in assets across seven funds and investment vehicles, is focused on asset classes such as property, technology, FinTech, health care, business services and sustainability.
"Gulf Capital was pleased to work with ECDC’s management team across different functions including reporting, corporate governance, financing solutions and risk management," said Gulf Capital managing director Omar Rifai.
Last year, Gulf Capital acquired a majority stake in CWB Group, an intellectual property services provider in the Mena region.
In May 2020, Gulf Capital sold Metamed, one of the region's biggest medical services companies, to Ray Lab, a company owned by a consortium of international investors.
