Kuwait-based Gulf Investment Corporation (GIC) has acquired an undisclosed equity stake in the United Arab Emirates-based logistics company Tristar Group for $100 million, it was announced on Wednesday.
Tristar is a fully integrated liquid logistics solutions provider catering to the downstream petroleum industry within the region and globally.
Under the deal, Tristar has issued $100 million worth of fresh shares to GIC and the proceeds from the stake sale will be used for business expansion, the company said in a press statement.
It said Tristar will be operated under a new Dubai International Financial Centre-registered company Tristar Holdings Limited that will be owned by Agility, GIC and Tristar Group founder and Chief Executive Eugene Mayne, who will continue to lead Tristar Holdings as Group CEO.
The statement said Tristar is on target to close 2017 with approximately earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $100 million. It owns a fleet of 22 ships, has operations in 16 countries and employs more than 1,800 people.