The leading investors in Maritime Industrial Services (MIS), Gulf Capital and Amwal Al-Khaleej completed a trade sale of 100 percent of MIS in July 2011 to Lamprell, a regional strategic investor for $336 million.

The MIS exit won the private equity "deal of the year" for 2011 at the seventh Private Equity World MENA Conference.

The sale of MIS caps a holding period of almost five years by both Gulf Capital and Amwal Al-Khaleej, during which revenues and profits were increased by 203 percent and 184 percent respectively. 

Karim El Solh, chief executive officer of Gulf Capital, said: "MIS represents a solid case study for the Middle Eastern private equity industry. This is a good example of how private equity firms can add real value to their portfolio companies by growing operations, bringing in new management leadership, executing bolt-on acquisitions, launching regional and product expansions, paying down debt and boosting profitability ahead of consummating a successful sale to a trade buyer."

Commenting on the award, Ammar Al-Khudairy, managing partner of Amwal Al-Khaleej said: "The MIS deal was based on an investment priced at pre-crisis levels and over the five years of our holding period, we were definitely up against some very challenging market conditions including low investor sentiment. Yet, by sticking to the fundamentals of good pricing, managing portfolios carefully and finding a strategic fit for the exit we were able to conclude the MIS transaction in a way that has benefited all stakeholders."

Karim El-Solh and Samer Sarraf, senior vice president, Amwal Al-Khaleej, received the award at the Private Equity World MENA Conference gala dinner.

El-Solh added: "The award recognizes our sound joint-investment strategy and our strong focus on operational improvements which enabled us to generate substantial returns through a sharp rise in MIS's profitability and subsequent successful trade sale."

Al-Khudairy said: "This transaction shows how two private equity firms can harmoniously co-invest to the mutual benefit of all."