Riyadh – Mubasher: Saudi Arabia-based Energy Capital Group (ECG) has acquired Aujan Industrial Solutions (AIS), according to a press release.
The transaction marks the fourth investment of the fund which was unveiled in the third quarter (Q3) of 2023. Meanwhile, the fund plans a further 4-5 investments within 2024.
This aligns with Energy Capital's investment strategy to provide a powerful growth platform and further build the Industrial Services and Solutions Champion.
The group seeks to widen the business through strategic expansion of existing business lines into new segments and geographies. It will integrate AIS business into the ECG portfolio, driving operating leverage.
AIS is a leading provider of solutions to the oil and gas, petrochemical, metals and mining as well as water markets with 30 years of experience. Its business includes Value Added Distribution, Fire and Gas Solutions, Measurement Intelligence and Technology Solutions.
Ali Alturki, Managing Partner of Energy Capital Group, said: “The acquisition of Aujan by the ECG2.0 Fund-II is a key step to our portfolio as we aim to create National Champions in energy and energy-related technologies.”
“Aligned with Saudi Arabia’s Vision 2030 and Aramco’s IKTVA programme, the new acquisition is a step towards realising our goals of acquiring leading local companies to develop local content and cutting-edge technologies for transfer to the Kingdom,” Alturki continued.
