Abu Dhabi-based Gulf Capital has completed its full exit from UAE-based Gulf Marine Services (GMS) with four consecutive block sales over the last month on the London Stock Exchange.

Gulf Capital’s investment in GMS generated a multiple on original invested capital (MOIC) of over 5.3 times and an internal rate of return (IRR) of 31 per cent for its second private equity fund GC Equity Partners II.

The returns were achieved with a series of leveraged recapitalisations before its initial public offering (IPO), an IPO on the London Stock Exchange and several block sales after the IPO.

GMS is the leading operator of self-propelled self elevated support vessels (SESV) in the Middle East and in the Southern North Sea in Europe, with clients in the offshore oil and gas industry and wind turbine installation sector.