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Carlyle sells stake in Saudi lighting firm to Philips

Riyadh, March 17, 2014

Global alternative asset manager The Carlyle Group has entered into a deal to sell its 30 per cent stake in Saudi Arabia-based General Lighting Company (GLC) to Royal Philips.
 
Shareholders Alliance Holding and the Hejailan Group have also agreed to sell holdings, resulting in a major sale, said a statement.
 
During Carlyle’s four-year tenure at GLC, several successful initiatives were launched that helped transform the company’s Saudi-focused business into an international lighting player active in more than thirty markets, including the acquisition of Malaysian lighting company Davex.
 
It also established an experienced African sales team and distributor network in key cities which allowed GLC to sell products in twelve African countries. 
 
GLC’s production was doubled to 15 million units/year through the building of a third factory in Riyadh, dedicated to manufacturing high volume lighting products.  The company also focused on attracting further experienced senior talent and counts world-class professionals in its leadership ranks.  
 
Firas Nasir, managing director and co-head of the Carlyle Mena team, said: “Through close collaboration with our partners and GLC’s talented management team Carlyle fostered a number of successful initiatives at the company, expanding geographic presence and enhancing operational capabilities.”
 
Carlyle’s investment in GLC was made through the Carlyle Mena Fund. Launched in 2007, the $500 million fund targets investment opportunities in the Middle East, Turkey and North Africa. 
 
Other investments in the fund include Bahcesehir Schools, Medical Park Hospital Group, Al-Nabil Food Industries, Alamar Foods and Penti.
 
Gibson Dunn advised The Carlyle Group and the Hejailan Group,  Baker & McKenzie advised Alliance Holding, and GIB Capital advised all the sellers. Moelis & Company and Norton Rose Fulbright advised Philips. - TradeArabia News Service



Tags: Saudi | Philips | Stake | Carlyle | sell | GLC |

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