Shuaa Capital has completed the leveraged buyout (LBO) of Allianz Marine and Logistics Services in an $160 million SOFR-based acquisition facility from National Bank of Fujairah (NBF) and Arab Petroleum Investments Corporate (APICORP).

The transaction includes a seven-year interest rate swap with NBF to hedge rate exposure, the company said in a statement to Dubai Financial Market (DFM). 

The acquisition is Shuaa managed fund’s second investment in offshore support vessels (OSVs) after it acquired Stanford Marine Group in 2020, creating the largest OSV portfolio in the region, the company said. 

Allianz operates 117 owned and chartered OSVs in the Middle East, including a combination of platform supply vessels anchor handling tug supply vessels (AHTS), crew boats, accommodation barges, and flat barges. 

It also provides vessel chartering, port logistics, and crew services to international and national oil companies and offshore construction contractors. 

“With the Allianz acquisition, Shuaa’s managed fund now includes the largest portfolio of 152 offshore supply vessels in the region and the fourth largest OSV fleet in the world,” the statement said. 

“Shuaa expects the combination of two of the region’s leading OSV operators to deliver significant revenue and cost synergies and economies of scale on an annual basis.”

(Writing by Imogen Lillywhite; editing by  Seban Scaria)