SaudConsult, Beltone Acquire 40% of PGESCo
SaudConsult, one of Saudi Arabia’s largest engineering firms, and investment funds – BPE Power Ltd. and BPE Investments Ltd. ‒ have concluded an agreement to acquire 40% of Power Generation Engineering and Services Company S.A.E. (“PGESCo). Saud Consult will acquire 20% and BPE Power and BPE Investments will together acquire the remaining 20%. PGESCo is a leading Egyptian company providing engineering, procurement, project and site management services to electric power plants. PGESCo has completed over 19,000 Mega Watts (MW) of electric power plant capacity and has over 11,000 MW of ongoing projects in Egypt, Libya and Iraq.
The transaction will open new opportunities for PGESCo to be involved in projects in Saudi Arabia and the rest of the GCC countries. PGESCo’s regional presence and team of qualified engineers will also support the growth in new markets.
“Strategic acquisitions of this type and our recent entry into the Iraqi market underscore the importance of our commitment to developing the electric power infrastructure in Egypt and the rest of the Middle East,” commented Dr. Hamdy El Shaer, PGESCo’s Chairman. “They are instrumental to our continued growth.”
“I am pleased to see this new, strategic acquisition take shape in Egypt, a transaction that is fully aligned with our strategy of growth in the Middle East,” added Sherin Mosbeh, General Manager of PGESCo.
“This transaction marks SaudConsult’s commitment to the power space in Egypt,” added Omar Alshawaf, Executive Vice Chairman of SaudConsult. “It is a clear sign that Egypt remains an attractive investment destination and we remain committed to supporting the Egyptian economy.”
About BPE Power and BPE Investments
BPE Power and BPE Investments are investment vehicles managed by Beltone Private Equity. Based in Cairo, Egypt, Beltone Private Equity is a private equity firm with over EGP 3 billion in assets under management and a team of qualified investment professionals whose background ranges from industrial operations to financial services. Beltone Private Equity funds invest in and provide capital to private companies in Egypt to finance their growth. Beltone Private Equity predominantly focuses on local companies with regional growth prospects.
