Nesma & Partners Contracting Company Ltd. Announces The Acquisition of Bluewater Portfolio Company Kent
- The alignment of Nesma & Partners’ and Kent’s expertise and resources will enable the companies to meet the evolving needs of clients in an increasingly competitive marketplace across the entire project lifecycle, from consulting to design, build, commissioning, and startup through to maintenance and decommissioning.
- Kent will continue to offer the same world-class services under its brand, with the prospective acquisition providing a new platform to further accelerate growth
1 August 2023: Nesma & Partners, a leading contracting company in the Middle East, has signed an agreement to acquire Kent, a global energy services provider. This agreement aligns two successful and entrepreneurial companies with a shared vision for sustainable expansion, creating greater opportunities in new and existing markets as well as service development and enhancement. Completion is anticipated by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions, at which time Nesma & Partners will become the owner of Kent.
Kent is a privately-owned Engineering and Project Management firm in the Energy Sector. The company has been backed by global energy investment firm Bluewater since 2015. In that time, the company has grown its revenue tenfold, experiencing notable growth over the past two years following its acquisition of SNC-Lavalin’s Oil & Gas business in mid-2021. Now a $1.4 billion-dollar revenue business, it competes for recognized value-based service contracts covering complex and technical solutions for the conventional energy, renewables, low carbon, chemicals and processing sectors.
Kent has a roster of blue-chip clients including international energy companies, national oil companies, renewable energy companies, as well as global petrochemical companies.
Operating for over 40 years, Nesma & Partners has an established track record of success in delivering some of Saudi Arabia’s biggest industrial and infrastructure projects for a wide range of clients in the public and private sectors, including Saudi Aramco, the Public Investment Fund, NEOM, GACA, Ministry of the National Guard, Royal Commission, and the Ministry of Defense. As a leading contracting company, Nesma & Partners offers full-fledged services in the industrial, energy, civil and buildings, and infrastructure sectors, plus electro-mechanical capabilities.
The strengths of Nesma & Partners and Kent will be leveraged to deliver high-quality services to clients across various industries. Connecting their expertise and resources will enable them to create innovative solutions for clients that meet their evolving needs in an increasingly competitive marketplace across the entire project lifecycle, from consulting to design, build, commissioning, and startup through to maintenance and decommissioning.
Nesma & Partners and Kent began collaborating in June 2022 to exploit their respective strengths when they established a Joint Venture, NesmaKent, as EPC Champion for Saudi Aramco. Its goal is building an autonomous engineering center of excellence in Saudi Arabia to develop new capabilities in engineering, procurement, and construction services relating to carbon capture, blue hydrogen, and blue ammonia technologies. Deploying such technologies will minimize dependence on manual labor, enhance competitiveness, advance execution through schedule and cost improvements, and include visualization, data integration, asset management, digital twin, analytics & artificial intelligence, cyber resilience, and low carbon technologies.
Under the ownership of Nesma & Partners, Kent will be positioned and resourced to accelerate the delivery of its ambitious strategy. There will be no changes to the decision-making autonomy structure of Kent or its core service offering. The current leadership team will remain in place and continue to deliver world-class services to the energy industry through four well-established service lines: Consulting; Engineering & Projects; Commissioning, Completions & Start-up; and Operations & Maintenance. With the new structure, Kent will double down on its efforts to address the challenges and opportunities of the global energy transition.
“This is an exciting time for our company as we look to expand our reach and capabilities,” said Nesma & Partners; President & CEO Samer Abdul Samad. “We are deeply impressed with the growth and achievements of Kent so far. We are looking forward to supporting the Kent business to not only continue but supercharge its current trajectory of success. By leveraging the strengths of both companies, we are confident that we can deliver even more value to our customers and achieve our goals for growth and success.”
The new agreement will create a solid and dynamic portfolio for Nesma & Partners that is well-positioned to take advantage of the many opportunities that lie ahead. With a shared commitment to excellence and a dedication to delivering world-class services, the two companies are poised to achieve great things in the future.
“We are thrilled to embark on this next phase of our journey with Nesma & Partners. We have long admired their expertise and dedication to delivering outstanding results for their clients” remarked Kent’s Chief Executive Officer, John Gilley. “This agreement marks an exciting, ground-breaking development for Kent. With the backing and support of Bluewater over the past eight years, we have been able to cement our position as a leading global energy services provider. Now, under the ownership of Nesma & Partners, the Kent brand and all our teams worldwide will have more opportunities to develop and grow our world-class lifecycle services to our clients”.
Marcello Stroppa, Director at Bluewater commented: “We have enjoyed working with the leadership team of Kent over the past eight years. The team’s appetite for entrepreneurship is truly admirable, and all of us here at Bluewater are sure that with the added support and impeccable reputation of Nesma & Partners, the future continues to be bright for the Kent business.”
John Gilley continued: “What excites me the most about this acquisition is the commitment of Nesma & Partners to support the investment that will help us to achieve our purpose to courageously tackle the greatest challenge of our time, to bring our world the energy it needs in the most responsible way ever imagined.”
Completing this share purchase agreement marks a significant milestone for both companies. It sets the stage for their next growth cycle and helps them achieve their purpose, building a brighter, more sustainable future for the world.