The company, along with other co-investors, acquired the remaining 50 percent of GMS in 2007, giving the consortium 100 percent control.
Abu Dhabi-based GMS is a jack-up and support barge company that operates in the region.
“As our portfolio companies mature, we are looking at different ways of exiting some of our investments including our investments in companies like Gulf Marine Services (GMS),” Gulf Capital’s Chief Executive Karim el Solh said in an interview with Reuters on the sidelines of a private equity conference in Dubai.
“We are looking at two more exits over the course of next year. All options are open for it (exit),” he added.
In July, Gulf Capital and another regional PE firm Amwal AlKhaleej sold their stakes in Maritime Industrial Services to London-listed Lamprell Plc in a $336 million deal in one of the rare private equity exits from the region.
Credit Suisse advised Gulf Capital on the stake sale.
However, Solh said that no active discussions are underway now for selling the stake in GMS.
“Credit Suisse is an investor in our fund and an adviser. But there are no active discussions happening now to sell the stake in GMS.”
Private equity investments saw a sharp drop in the last couple of years with investors backing out of capital calls, sellers demanding higher prices than buyers were willing to pay and increasing competition from family groups hampering growth.
“We may look at trade buyers, a financial sale or if the (initial public offering) market is robust, we may take that route too.”
Gulf Capital, which currently has $1 billion assets under management, will also invest 50 percent of its flagship Private Equity Partners Fund II by the end of the year, Solh said, adding that the fund is currently 38 percent invested.
The fund closed last year with $533 million in commitments.
Solh added that the company is eyeing growth sectors, such as oil and gas, education and real estate for investment.
“(The sectors) are all showing significant growth and we aim to be in those,” he said.
In June, the private equity firm said it will launch a $250 million credit fund aiming to provide acquisition finance and targeting regional sovereign wealth funds (SWFs), pension funds and insurance firms.
