Mumtalakat buys stake in Gulf Cryo

Bahrain-based Mumtalakat Holding Company (Mumtalakat), yesterday announced buying a minority equity stake in Gulf Cryo, a manufacturer, distributor and service provider of industrial gases based in Kuwait.

Mumtalakat will join Gulf Cryo’s shareholder group, which includes Amer Huneidi, other members of the Huneidi family and Investcorp. deNovo Corporate Advisors acted as the financial advisor.

Founded in 1953 as the Kuwait Oxygen and Acetylene Company, Gulf Cryo produces and supplies industrial, medical and specialty gases to a wide range of industries in the MENA region.

Today, Gulf Cryo oversees a network of over thirty production and distribution sites in twelve countries, including the GCC, Jordan, Syria, Egypt, Iraq, Turkey and Austria, and is supported by a team of 1000
professionals.

Commenting on the deal, Mahmood Hashim Al Kooheji, Chief Executive Officer of Mumtalakat said: “This acquisition marks our fourth investment in the industrial sector in recent months and is a reflection of our continued efforts to grow and diversify our business portfolio. These investments will help further diversify the Kingdom’s industrial base and drive local economic
development.”

Amer Al Huneidi, Chairman of Gulf Cryo said: “Our aim is to achieve sustainable investment returns for our stakeholders and we look forward to working with the Mumtalakat team to further strengthen our market position.”