UAE-based Tristar Group has sold an undisclosed equity stake to Kuwait-based Gulf Investment Corporation (GIC) by issuing $100 million worth of fresh shares to the latter, it announced this week.
The fund will be used for the expansion of the Tristar business, the statement said.
UAE-based Tristar is a liquid logistics solutions provider that offers services to the downstream petroleum industry, both in the region and globally. It owns a fleet of 22 ships, has operations in 16 countries and employees more than 1800 people.
GIC is an investment company incorporated in the State of Kuwait, equally owned by the governments of the six member states of the Gulf Cooperation Council (GCC),
i.e., Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
Post the investment, the company will be owned by Kuwait-based logistics major Agility, GIC and the founder and CEO of the Tristar Group, Eugene Mayne.
Tristar will also be operated under a new company structure in DIFC with the name Tristar Holdings Limited. All Tristar activities will be held under the DIFC holding.
The Tristar Group is on target to close 2017 with approximately EBITDA of $100 million, it added.