QInvest buys 41pc in leading catering business
Doha, April 15, 2010
QInvest, Qatar’s leading investment bank, has acquired a 40.8 per cent stake in Intercat Hospitality and Butlers Dry Cleaning and Laundry Services (the group), one of the UAE’s leading outsourced business services companies.
The group, established in 1992, is comprised of Intercat, Butlers and restaurant concepts Mashawi and Toast. Intercat is a leading player in the institutional catering market with clients in the hospitality, corporate, education, and contracting sectors. Butlers is a market leader in the institutional dry cleaning and laundry market serving customers primarily in the hospitality sector.
“This is a major step in our evolution as a family-controlled business and one which will benefit our customers, suppliers and employees,” stated George Farha, founder and chairman of the group.
“The investment is in line with our private equity fund’s investment strategy of backing strong management teams and scalable businesses in the Menasa region,” added Anuj Khanna, co-head of Investment Management at QInvest.
“This will represent an important investment for QInvest Capital, our private equity initiative. We are delighted to be partnering with an exceptional management team that has over 10 years of experience working together in the outsourced business services sector, and one which is well placed to benefit from the future growth of the industry,” said Shahzad Shahbaz, chief executive of QInvest.-TradeArabia News Service