Riyadh, Saudi Arabia; March 18, 2024: Saudi Arabia-based investment group Energy Capital Group (ECG) has announced the completion of the successful acquisition of Aujan Industrial Solutions (AIS), a leading provider of solutions to the oil & gas, petrochemical, metals & mining and water markets with 30 years of experience and expertise. AIS’ lines of business include Value Added Distribution, Fire and Gas Solutions, Measurement Intelligence and Technology Solutions.
This marks the fourth investment of the fund which announced a first close in Q3 2023. The fund plans a further 4-5 investments within 2024.
Energy Capital Group is investing in businesses that can capitalize on the significant investment going into regionally relevant value chains and driving the need for technology-based services and turnkey solutions across the industrial supply chain. ECG plans to grow the business significantly through strategic expansion of existing business lines into new segments and geographies, integration of the AIS business into to the ECG portfolio, building on synergies and adjacencies and driving operating leverage.
The acquisition of AIS is an important part of Energy Capital Group’s investment strategy, providing a powerful growth platform to further build the Industrial Services and Solutions Champion. The company’s focus on technology deployment through localized services and solutions along with its diversified revenue sources, will enable it to achieve significant revenue growth and become a leading player in the industrial services and solutions market.
Ali Alturki, Managing Partner of Energy Capital Group, said: “The acquisition of Aujan by the ECG2.0 Fund-II is a key step to our portfolio as we aim to create National Champions in energy and energy-related technologies. Aligned with Saudi Arabia’s Vision 2030 and Aramco’s IKTVA program, the new acquisition is a step towards realising our goals of acquiring leading local companies to develop local content and cutting-edge technologies for transfer to the Kingdom.”
ECG continues its strategy in partnering with some of the most respected industrial service providers in the region and globally and is committed to providing reliable, cost-effective solutions to its customers. The Fund is poised to become a major player in the industrial services sector and is well-positioned to capitalise on the growing demand for specialised services.
