Kuwait-based Gulf Investment Corporation (GIC) has bought a $100m equity stake in UAE-based Tristar Group. Tristar will use the funds to expand its business, it said in a release.
Following GIC’s investment in Tristar, the company will be owned by Agility, GIC and the founder and chief executive of the Tristar Group, Eugene Mayne (pictured).
Founded in 1998, Tristar today has 22 ships in its product tanker focused fleet. Last year it bought Abu Dhabi-based Eships from Oldendorff.