(MENAFN - Muscat Daily) Renaissance subsidiary Topaz Energy and Marine a leading offshore support vessel company with primary operations in the Caspian Middle East West Africa and subsea operations in the North Sea and Gulf of Mexico on Wednesday announced a US75mn new equity investment in the business from Standard Chartered Private Equity (SCPE) one of the world's leading emerging market private equity investors.
Under the terms of the investment SCPE will inject US75mn of equity in return for a 9.8 per cent stake in the business. The funds will be deployed in support of Topaz's long-term fleet expansion ambition in its core operational regions and strategic entry to key growth opportunities a press release said on Wednesday.
'Joining forces with a private equity powerhouse like SCPE will enable Topaz to truly accelerate the realisation of our strategic plan' said Ren Kofod-Olsen CEO of Topaz. 'We have now enhanced the foundation from which we can deliver our ambition for further geographical diversification and growth through both organic expansion and acquisitions. SCPE is investing because of its firm belief in the Topaz story the team and our strategy and we look forward to working together in close partnership.'
Samir J Fancy chairman of Topaz and its parent company Renaissance said 'On behalf of the board of directors I'm pleased to welcome SCPE on board. Bringing in institutional funds is a key part of the board's strategic capital markets plan. Topaz has been a target of much investor interest however our choice of partner was logical given the deep multi-decade relationship between Topaz and Standard Chartered Bank.'