Global Private Equity has acquired a controlling interest in Jassim Transport & Stevedoring Co. (JTC), which operates one of the largest diversified equipment rental businesses in the Gulf region, with a fleet of more than 1,000 cranes, forklifts, compressors and generators. The deal is reported to be the largest private equity transaction in Kuwait’s history.

JTC, founded in 1979, is one of Kuwait’s largest integrated logistics companies offering, in addition to equipment rental, cargo and container stevedoring, warehousing, heavy lifting and transportation. The company is expected to post revenues of about $120 million in 2008, with operating cash flow of about $44 million.

Al Masar United, which sold its stake to Global Private Equity, will continue to own a minority equity interest in JTC and play a role in JTC’s day-to-day management.

GulfMerger, reported to be the largest merger and acquisitions firm in Kuwait, represented Al Masar United.