Investcorp buys 25pc stake in Saudi sports firm
Manama, September 15, 2013
Bahrain-based Investcorp said on Sunday it had acquired a 25 per cent stake in Saudi Arabia's sports and fitness business Leejam Sports Company, the ninth investment in the company's $1 billion Gulf Opportunity Fund.
As part of the deal, Investcorp will have a board seat at Leejam and play an active role in growing the business, Investcorp said in an emailed statement. It did not reveal the purchase price.
Leejam, established in 2007 by chief executive Abdulmohsen Al Haqbani, operates over 62 locations in Saudi Arabia under the brand name Fitness Time and plans to open 22 new branches, including two in Dubai.
The deal is the asset manager's latest investment through its Gulf fund and comes three months after it bought a 38 per cent stake in Saudi oil and gas services company Al Yusr Industrial Contracting Co for an undisclosed amount.
Investcorp had $11.5 billion in assets under management on December 31, 2012.-Reuters