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|| Dubai-based private equity firm acquired 10% stake in Northbridge Industrial Services

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The Dubai-based private equity firm HBG Holdings has acquired 10% stake in Northbridge Industrial Services, a publicly listed firm on the AIM market of the London Stock Exchange.

Northbridge supplies specialized industrial equipment to the oil and gas industry, major utilities and the public sector, across Europe, USA, Central Asia, Middle East and the Far East. The acquiring entity, HBG Small Cap SPV 1 LTD is a subsidiary of HBG's Shariah Small Cap Fund I ("SSCF"), an investment vehicle formed to acquire strategic stakes in growth companies focusing primarily on AIM. The co-investors in the deal include New York based Blackrock and London based Artemis.

To see other firms similar to HBG Holdings, check our Middle East Investors Directory

More details from their release follows

HBG Holdings ("HBG"), a leading UK regulated private equity firm, has today announced the acquisition of a strategic stake in Northbridge Industrial Services Plc ("Northbridge"). A publicly listed firm on the AIM market of the London Stock Exchange, Northbridge supplies specialized industrial equipment to the oil and gas industry, major utilities and the public sector, across Europe, USA, Central Asia, Middle East and the Far East.

The investment by HBG coincides with Northbridge's acquisition of Australia based Tasman Oil Tools Pty the latest in a series of acquisitions by the company to pursue its strategy of acquiring earnings enhancing specialist businesses. Tasman specializes in industrial equipment rental for the onshore and off-shore oil industry throughout Australia and will significantly increase the size of Northbridge and broaden its presence in the Asia Pacific region.

The co-investors in the deal include New York based Blackrock and London based Artemis. Commenting on the investment, HBG Executive Director Michael Toxvaerd said, "As a result of this deal we are now one of the largest shareholders of Northbridge and our investment reflects the confidence we have in both the management team and the enlarged Northbridge Group."

Northbridge has fast growing operations in the Middle East where the company is expecting to work with HBG to further expand its business. Toxvaerd commented, "The Middle East is a huge opportunity for Northbridge and given our strong footprint and capability in the region we look forward to playing our part in supporting the company's regional expansion."

The acquiring entity, HBG Small Cap SPV 1 LTD is a subsidiary of HBG's Shariah Small Cap Fund I ("SSCF"), a pioneering investment vehicle formed to acquire strategic stakes in growth companies focusing primarily on AIM.

Toxvaerd added, "The opportunity for investments in small cap companies on AIM continues to be a very attractive proposition. This investment demonstrates our ability to work closely with a target company in supporting its expansion efforts. There are other such deals in our pipeline so you can expect more deals to follow."

According to company records HBG holds a 10.9% share invested at 125p per share. Northbridge's closing price on Thursday 29th of July was 154p.



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