October 13, 2008

Zamil and Haykala acquire Premiere Casing Services in Egypt

It is reported that Zamil Group of Saudi Arabia and Haykala Investment Managers of Egypt have jointly acquired 100% of Premiere Casing Services (Premiere) through a leveraged buyout transaction. Zamil Group and Haykala have each equally acquired 50% of the company, in a transaction financed by a mix of debt and equity financing.

Premiere is one of the leading oilfield services companies in Egypt, specialized in running steel casing pipes in oil and gas wells. Premiere provides its services to the majority of oil companies in Egypt, and currently commands a significant market share of this particular service.

Both Zamil and Haykala devised plans for vertical and regional growth of the company, especially in the Gulf Region leveraging on the strong presence of Zamil Group in this market and Premiere's long track record in Egypt.

Haykala Investment Managers, an Egyptian private equity company founded in 2005, has successfully raised EGP 347 million in 2006 by closing a unique private equity fund, focusing on turnarounds. Premiere represents the most recent addition to Haykala's investment portfolio, comprising Enjoy and Honeywell. It also ushers Haykala's initial entry into the regional oil and gas industry, where other acquisitions will be targeted.

Headquartered in Saudi Arabia, Zamil Group is a family owned global investment company with diverse interests and capabilities. Zamil's range of products and services is expansive and spans air conditioning manufacturing to steel fabrication and plastics, paints and cranes to heavy process equipment. It is also engaged in shipbuilding and offshore oilfield marine services, port operations and maintenance, petrochemicals and chemicals, industrial investment and general construction.