Saudi Alkhabeer buys key stake in UAE packaging firm
Jeddah, December 9, 2013
Jeddah-based Alkhabeer Capital, a leading investment & asset management firm, has acquired a majority shareholding in UAE’s Express Publishing and Investment Limited (EPIL).
Alkhabeer, in which conglomerate Saudi Binladin Group is a top shareholder, did not disclose financial details of the deal but said it was the firm's second private equity transaction in the industrial sector in the UAE.
Commenting on the move, Ammar Shata, the Alkhabeer executive director and CEO said: “Our investment in Express Group demonstrates once again the expertise of our private equity business in terms of creating mutually attractive partnerships with ambitious business owners that have a solid track record in the Gulf."
“I look forward to working with Express Group’s shareholders and management team in the coming years and I am confident that our partnership will deliver significant value for all parties involved as we continue to grow the business,” he stated.
EPIL’s joint founders and owners, Abdulla Zubair Mylanchikkal and Abdul Qadir Mohamed Theruvath, said: "Our business has witnessed solid growth over the past two decades. Express Group is well-positioned to capitalize on the significant market opportunities that exist for our group in the coming years underpinned by the significant economic growth projected post winning Expo 2020.”
“We are therefore delighted to partner with Alkhabeer Capital and we are confident that this shall be a unique lever for growing our business in the coming years,” he stated.
Shuaa Capital acted as the sell side advisor for Express Group on the transaction. Vinson and Elkins acted as legal advisor to Alkhabeer Capital and DLA Piper Middle East acted as legal advisor to the company.
Founded in the UAE in 1990, Express Group has a long track record as a leading provider of corrugated and flexible packaging products.
The company consists of two businesses; the first is Express Pack Print, a leading manufacturer of corrugated packaging products for industrial use and consumer products and is the second largest corrugated packaging company in the UAE.
The second is Express Flexi Pack, which manufactures a broad range of flexible packaging materials including plastic OPP labels for beverage bottles and aluminum foil lids for single-serve food products. – TradeArabia News Service
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