Abu Dhabi: Alpha Dhabi Holding has acquired a 25 per cent stake in Gordon Technologies for Dh602 million, it said on Wednesday.
Gordon, founded in 2014, is a provider of MWD (Measurement While Drilling) technology to the oil and gas industry, and is majority owned by private equity firm Pelican Energy Partners.
Gordon’s management team – including the founder – will remain with the company.
Commenting on the transaction, Hamad Salem Al Ameri, CEO and Managing Director of Alpha Dhabi, said: “This transaction reaffirms our strong commitment to growing and driving value across our portfolio through investment in innovation and technology, a core tenet of our growth strategy at Alpha Dhabi. We continually look at investments in disruptive and new technologies and by partnering with a market leader such as Gordon Technologies, we aim to accelerate our growth in this space while also complementing our energy portfolio, which we continue to scale and diversify across different markets and geographies.”
Terry Frith, CEO of Gordon Technologies, added: “We have experienced significant growth and have a strong track record of delivering outstanding services across the United States, and we look forward to working with Alpha Dhabi to catalyze our growth further and expand internationally into the Middle East market which represents a great opportunity to generate further value as we grow and provide our proprietary technology services to what is one of the core oil and gas markets globally.”