Private equity firm Bluewater has completed the sale of renewables engineering consultancy Kent, in Dubai, UAE, to Nesma & Partners, a Saudi Arabian contracting company.
The terms of the transaction are undisclosed.
Bluewater acquired Kent (then known as Kentech) in 2015, and under Bluewater’s stewardship has seen revenues grow from $200mn to $1.4bn in a little over eight years.
During its ownership, Bluewater drove value creation by expanding Kent into global markets, opening offices across the world, executing acquisitions, including SNC Lavalin’s energy business, and expanding into offshore wind, hydrogen and other energy transition sectors.
Tom Sikorski (pictured), Founding Partner at Bluewater, said: “We have taken a business headquartered in Dubai, grown its footprint to every corner of the world, and have now sold to a major company in Saudi Arabia who is a strategic player in the region with international ambitions.
“Having successfully employed a multi-pronged growth strategy with Kent, we will be replicating that in our third fund, which will have a large focus on the Middle East and the US.”
John Gilley, CEO of Kent, added: “Thank you to Bluewater for their support since 2015, it has been an incredible journey of growth and achievement alongside its team.
“We’re looking forward to the next stage of growth, built on the solid foundations created with Bluewater.”