Jadwa seals Saudi UMG stake deal
Riyadh, September 18, 2011
Jadwa Investment Company said its technology special opportunity fund has acquired a significant minority stake in United Matbouli Group (UMG), a leading player in Saudi domestic appliances and electronics market.
Jadwa, a boutique merchant bank based in Riyadh, said it was proud to become a partner with the Matbouli family in the exciting sector of consumer appliances and electronics in Saudi Arabia.
"The UMG is a stellar example of excellence in management, growth and maturity in Saudi family-owned businesses," remarked Ahmed Al-Khateeb, managing director & CEO of Jadwa.
"The family have created a successful enterprise over decades in business, and now have the vision to broaden ownership and enhance governance to sustain the business for the decades to come," he noted.
"We at Jadwa look forward to working with the existing UMG shareholders to create additional value as we have done in our other successful partnerships including Luberef, with Saudi Aramco, and Gulf Union Foods Company," he added.
Commenting on the deal, CEO Adnan Matbouli said, "UMG has been closely held by our family for generations, and we took great care in selecting the right partner who can help us achieve our strategic goals of broadening the shareholder base and further institutionalizing the company."
"We are confident that Jadwa Investment’s financial, investment, and governance knowledge and experience will add tremendous value to UMG," he added.-TradeArabia News Service