Seera wins top award for UK deal
Manama, May 21, 2009
Bahrain-based Seera Investment Bank's leveraged buyout of BWA has been awarded the Deal of The Year 2009 by The Banker magazine.
Seera Investment Bank was recognised for its acquisition of the leading UK-based water treatment solution provider in the Islamic finance category.
'This recognition demonstrates the growing strength and influence of regional and Sharia-compliant banks like Seera in structuring investment deals especially in this challenging economic environment,' said Seera chief executive officer Abdulla Janahi.
'The award is also a testament to the dedication and skill of Seera's management team and all the partners involved.
'We are delighted by this acknowledgment of our capability to add significant value to our portfolio and provide niche investment opportunities to our investors,' he added.
'We will continue to leverage our in-depth knowledge of Islamic financing instruments and our regional and international expertise to generate value for our investors.'
BWA has 35 years of market leadership in developing and marketing high performance chemicals for water treatment, and has an established presence in a market that deters new entrants with high regulatory barriers, high entry costs and specialised know-how requirements.
The company has a well-developed portfolio of high performance branded products to meet the requirements of 370 customers in 85 countries.
The acquisition of BWA was financed by a multi-tranche facility of more than $100 million, including a mezzanine tranche.
Denominated in dollars, the facility was structured to meet the strict Sharia requirements of Seera Investment Bank.-TradeArabia News Service
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