Gulf Investment Corporation Acquires Equity Stake in PIPECARE Group Holding
Gulf Investment Corporation, G.S.C. (GIC) has acquired a significant
minority stake in the UAE-based PIPECARE Group Holding, a leading provider of
engineering and inline inspection tools for the oil and gas industry. The
transaction was completed on Abu Dhabi’s ADGM on November 15, 2023.
Given the strong market momentum, GIC’s investment in
PIPECARE will accelerate the realization of the group’s vision to become a global
leader in pipeline inspection and integrity technology and services. PIPECARE
will leverage GIC’s participation and fresh capital injection to strengthen its
regional outreach and international expansion, especially in the North American
market, with its premium offering of high-end in-line inspection technologies.
“We are excited to enter a new phase in our company’s growth in
partnership with GIC to further develop our technology and play a critical role
in supporting our customers in the safe delivery of energy, while meeting the
challenges of the energy transition” said Dr. Khaled El-Shami, founder
of PIPECARE Group and Chairman of the Board of Directors.
“This investment highlights the
interest of GIC in partnering with a successful GCC company to help it expand
its operations outside the region”, said Mr. Meshary Al-Judaimi, Group Head -
Principal Investments at GIC. “The company is positioned for rapid growth in
the near future and our investment reaffirms our belief that PIPECARE and its
management team will deliver real value” added Mr. Al-Judaimi.
PIPECARE Group
PIPECARE Group, founded in 1998, serves as a major provider of
In-Line Inspection services to national and international pipeline operators, covering
more than 85 countries. Over the last 25 years, PIPECARE has inspected more
than 750,000 kilometers of pipelines with a large fleet of inspection tools, ensuring
integrity and safe operations of their clients’ assets. PIPECARE has been
providing innovative and adaptive engineering services along with predictive AI
software solutions.
Gulf Investment Corporation