Standard Chartered PE seals first Emirates deal

It has invested $75m in Dubai-based Topaz Energy and Marine, an offshore support vessel business

Standard Chartered Private Equity (SCPE), the buyout arm of global banking corporation Standard Chartered, has bought a minority stake in Dubai-based Topaz Energy and Marine, an oilfield services company that provides marine solutions to the oil and gas sector.

SCPE will invest $75 million of equity in the business, according to a statement. The exact size of the stake was undisclosed. SCPE did not respond to a request for comment at press time.

Topaz operates a fleet of 99 offshore support vessels throughout the Middle East and the Caspian Sea with an existing, growing presence in West Africa. It also has operations in the North Sea and the Gulf of Mexico.

SCPE’s investment will be used to fund Topaz’s expansion plan, which includes the acquisition of vessels for existing business as well as geographical expansion.

It is SCPE’s first investment in the United Arab Emirates, and its fourth in the Middle East and North Africa. SCPE can invest in both private equity as well as mezzanine structures.

In February, SCPE committed a further $15 million to existing portfolio company, Afrifresh Group, Southern Africa’s largest integrated fruit producers and exporters. In May, it invested $50 million in the hospital unit of Indonesian corporate Elang Mahkota Teknologi (Emtek), while in April it invested $50 million in OM Holdings, a mining company with operations in Asia and South Africa.

SCPE focuses on companies based in Asia, Africa or the Middle East. It invests from the bank’s balance sheet across its three target emerging regions and has around $4 billion in assets under management.