MANAMA, Bahrain, November 21 /PRNewswire/ -- Venture Capital Bank (VC Bank), a Bahrain-based investment bank, along with its partner, the US private equity firm Global Emerging markets (GEM), have acquired a significant stake in the MENA-based oil drilling contractor Challenger Limited. Established in 1991, Challenger currently owns and operates a fleet of 22 rigs in Libya providing drilling and work-over services of oil, gas and water wells, with offices in Egypt, Saudi Arabia and UAE.
The acquisition was co-funded by VC Bank and its strategic technical partner GEM illustrating VCBank's non-conventional pursuit to attract North American and European funds and sources of capital to investment opportunities in the MENA region. This significant transaction was completed by a team from VC Bank and GEM, not only strengthening the successful partnership between the two firms, but demonstrating that the region hosts many attractive, yet obscured, investment opportunities represented in privately held companies such as Challenger that operates mainly in Libya.
The conclusion of this transaction by VCBank depicts the dimensions of the Bank's mandate to secure unique and attractive deals in the region for its investors and at the same time provide expansion and financing solutions to the regional small-to-medium enterprises in order to fulfill their untapped potential. Thus, the investment made in Challenger is mutually beneficial to both parties, allowing Challenger to achieve its growth plan and helping VC Bank to achieve its objectives of supporting regional companies and contributing towards the economies of the MENA region.
