Gulf Capital eyes $500m gain from GMS sale
Abu Dhabi, April 18, 2012
Abu Dhabi private equity firm Gulf Capital expects to raise more than $500 million from the sale of its 79 per cent stake in Gulf Marine Services (GMS) before the end of June, the company's chief executive said.
Gulf Capital, which has around $1 billion of assets under management, has shortlisted six bidders from more than a dozen interested buyers, Karim El Solh told Reuters during an interview on Wednesday.
"Among the short listed bidders are American and Asian strategic trade buyers as well as regional buyout firms," El Solh said.
"The company's EBITDA (earnings before interest, tax, depreciation and amortisation) has grown from $10 million in 2007 to $100 million last year," he added.
Credit Suisse, which is also an investor in Gulf Capital's private equity funds, is advising on the sale.-Reuters
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