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UK FIRM PLANS GCC FORAY

Alkooheji ... solid growth potential.

Mumtalakat acquires key stake in Envirogen

MANAMA, August 11, 2016

Mumtalakat, the investment arm of Bahrain, has acquired a significant equity stake in Envirogen Group, a UK-based specialised water treatment company.

The acquisition was completed alongside Gecos Invest and Hermes GPE Environmental Innovation Fund through a joint investment syndicate led by Promethean UK Opportunities Fund II (PUOFII), a statement said.

Envirogen is a specialised international provider of environmental technology and process solutions for the treatment of water, wastewater, vapour emissions and material recovery, with operations across Europe and North America. It offers water treatment and process filtration solutions to a predominantly blue chip customer base across a range of industries including food and beverage, chemicals and refining, mining and power.

Through its strategic alliance with Mumtalakat, Envirogen aims to expand its operations into Bahrain and the GCC region to serve the vastly growing regional demand for effective water treatment solutions, the statement said.

As an active, value adding investor, Mumtalakat aims to leverage its strong regional knowledge and network to enable Envirogen to tap into regional growth opportunities, it said.

Mahmood Hashim Alkooheji, CEO of Mumtalakat, said: “We are delighted to have completed this investment in Envirogen, which meets our objective to invest in well-positioned international businesses with proven track records of performance and solid growth potential. With its proprietary, innovative technology at the heart of its offering as well as its expertise serving a global client base, Envirogen has earned a strong reputation as a water purification industry leader. Through our representative on the Board of Envirogen, we aim to work closely with its experienced management team to fulfil the company’s future growth objectives and expansion plans in the GCC region.”

Andrea Davi, chief executive officer of Envirogen, added: “We are excited to have Mumtalakat as one of Envirogen's strategic shareholders, and we look forward to working with them on the expansion into the Mena region. Our strategy is to expand our business, by offering long term solutions to our customers based on our proprietary know-how through the service-to-operate model.

"Envirogen has a skilled and experienced team in place to develop our presence in the region. Working alongside an active investor such as Mumtalakat provides Envirogen a unique opportunity to navigate and realise the significant potential of the GCC market.” - TradeArabia News Service




Tags: Bahrain | Mumtalakat |

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