The company that owns the region’s oldest and one of the largest crane hire firms has had a change in ownership. Abu Dhabi’s Waha Capital acquired a 49% stake in GMMOS Group, the parent company of Gallagher mobile crane rental.
The move is part of Waha’s ‘“vision’ to grow in multiple sectors of holding companies.
Apart from Gallagher, GMMOS is also known for its ship repair division, Grandweld. The firm also charters shipping through its Stanford Marine arm. Additionally, another division fabricates specialist containers such as pressure vessels and skid modules. Throughout 2008 Waha has made no secret of its desire to accrue more maritime-related businesses.
GMMOS Group was acquired by Abraaj Capital and a group of investors in May 2007. In the current deal, Waha will acquire 40% of GMMOS from investors exiting the business, and 9% from Abraaj Capital’s Abraaj Buyout Fund II this week.
“This acquisition is in line with our strategy to build a significant regional maritime business alongside other businesses from our base in Abu Dhabi,” said Samer Alhaj, CEO Waha Capital.
Neil Corbasson, VP, GMMOS was similarly upbeat about the deal.”It is very promising for the whole group,” he said, adding that a focus will remain on all areas of business.
In addition to the GCC, the group has significant operations in Kazakhstan, even though it is a landlocked country.