KKR has invested approximately MYR642m (USD200m) for a substantial minority equity stake in Weststar Aviation Services.
This will be KKR’s first investment in Malaysia. Additional terms of the transaction have not been disclosed.
Founded in 2003, Weststar is a provider of offshore helicopter transportation services to the oil and gas industry. With a large and modern fleet of world-class helicopters and a stable of blue chip oil and gas companies as customers, Weststar focuses on providing quality offshore helicopter services and is the largest of such providers in Southeast Asia.
“KKR has significant experience investing in the offshore aviation sector in Avincis Group and has a strong and experienced regional team in Southeast Asia. With KKR, we have a value-added partner who shares our vision of growing the Company into one of the world’s leading offshore helicopter services companies,” says Tan Sri Syed Azman Syed Ibrahim, Weststar Group managing director.
Ming Lu, member of KKR and regional head of Southeast Asia, says: “We are very pleased to partner with a high-performing company such as Weststar. We believe trends in the oil and gas sector in Malaysia and the broader region are long-term positive, and we look forward to supporting the company in its ambitious growth and expansion plans.”
KKR has a long track record of success in Southeast Asia, having invested nearly USD1.5bn in companies based in this region since 2005. KKR’s investment in Weststar represents its first investment from the KKR Asian Fund II, the recently-closed USD6bn fund dedicated to pan-Asian private equity transactions.
