Investcorp, the largest alternative asset manager in the Middle East, has completed the sale of US-based Resa Power to Kohlberg, marking the first exit from its $1.2bn North America Private Equity Fund I, according to a report by Bloomberg.
The Bahrain-headquartered firm did not disclose financial terms of the transaction. Resa Power, a provider of power systems services and electrical testing solutions across North America, has seen its revenue increase more than fourfold since Investcorp acquired the business in 2021.
The exit underscores Investcorp’s long-standing presence in North American private equity, where the firm has deployed over $23bn since 1982. Traditionally known for its deal-by-deal investment model, Investcorp has increasingly pivoted toward a more institutionalised fund structure in recent years.
The sale comes amid broader leadership changes at the firm. In January, Investcorp announced the return of Daniel Lopez-Cruz as Global Head of Private Equity, succeeding Dave Tayeh, who is set to step down in June. The reshuffle follows the departures of Hazem Ben-Gacem as co-CEO and the transition of Rishi Kapoor into the role of Vice Chairman and Chief Investment Officer.
Kohlberg & Company, the buyer, is a middle-market private equity firm based in Mount Kisco, New York, with approximately $17bn in assets under management.
