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 and gas, petrochemical, metals and mining, and water markets with 30 years of experience and expertise.
According to the statement, 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 the third quarter of 2023. The fund plans a further 4 to 5 investments within 2024. Further, the fund is poised to become a major player in the industrial services sector and is well-positioned to capitalize on the growing demand for specialized services.
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 that, “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 realizing our goals of acquiring leading local companies to develop local content and cutting-edge technologies for transfer to the Kingdom,” Alturki added.
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