Established in 2002, Al-Assriya is a holding company for investments in the industrial sector and currently holds significant equity stakes in seven companies, located primarily in Kuwait, operating across a range of industries, including carpet manufacturing, printing and publishing, oil and gas services, chemicals and packaging. Al-Assriya's strategy is to take advantage of the current economic boom in Kuwait and the region to invest in industrial companies demonstrating significant growth potential.
The investment in Al-Assriya marks the Fund's fourth investment to date. The Fund previously completed investments in UAE-based readymix supplier Orimix Concrete Products LLC as well as two US-based companies: Ellington Leather, a lifestyle handbag and leather goods company; and Precision Time, a leading provider of while-you-wait watch repair services, fashion watches and watch accessories with a rapidly expanding presence across the United States.
Unicorn Investment Bank, the Fund's Investment Manager, and Al Safat Investment Company, the Fund's Investment Advisor, recently launched a second round of capital raising for the Fund, with the aim of achieving a final close by 30 June 2007. The Fund's objective is to achieve mid- to long-term capital appreciation by acquiring positions in existing businesses and to create value through the use of prudent leverage, consolidation, financial restructuring, operational enhancements and the granting of management incentives. The targeted geographic breakdown of the Fund is 50% in the GCC region, 25% in the Levant and Turkey, and 25% in the United States and Southeast Asia.
Commenting on the launch of the second round of fund raising, Aamir H. Khan, Managing Director of Global Private Equity at Unicorn and Chairman of the Fund Investment Committee, said: "Although there are several players now active in the PE sector in the region, we nevertheless believe that we have a compelling story and a differentiated approach. This is an exceptional opportunity for investors to acquire a stake in a fund that has already invested in four profitable companies with proven business models and strong growth prospects in their respective markets. Furthermore, investors have the opportunity to participate in the Fund at par, which, given that the Fund's current investments are performing well ahead of target, is effectively a discount to the current fair value of the Fund."
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Unicorn Global Private Equity Fund I completes investment in Al-Assriya
- Bahrain: Monday, May 21 - 2007 at 13:55
- PRESS RELEASE
Unicorn Global Private Equity Fund I announces its acquisition of an equity stake in Kuwait-based Al-Assriya Industries Holding Company (Al-Assriya).
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About Unicorn Investment Bank• Unicorn commenced operations on 5 May 2004 in the Kingdom of Bahrain; and it has been profitable in every year since its inception.
• In July 2006, Unicorn doubled its capital following a successful round of capital raising.
• Unicorn has achieved a number of "firsts" in Islamic banking. In November 2005, the Bank closed the "KSA Real Estate Fund 1", the first ever equity fund to allow non-Saudi nationals to invest in the growing Saudi Arabian property market via an innovative financial and legal structure.
• In May 2006, Unicorn launched "Gulf Springs", the first pan-GCC real estate fund, in partnership with leading real-estate developers in each GCC market.
• In 2006, Unicorn acquired a 22.22% equity stake in First Dawood Islamic Bank, a newly established Islamic bank in Pakistan.
• In July 2006, Unicorn, working in partnership with a multilateral organisation, closed the "KSA MBS 1 International Sukuk", the GCC's first Shari'ah-compliant asset-backed security: a debt product designed for home financing companies in the Kingdom of Saudi Arabia (akin to a mortgage-backed security).
• In September 2006, Unicorn and WestLB successfully closed a US$150m Musharaka Trust Sukuk for Kuwait's Investment Dar. This was the first Musharaka Sukuk structured with a put option for the investors and a call option for the issuer.
• In October 2006, Unicorn successfully completed the first closing of its Global Private Equity Fund 1, a five-year closed-end fund offering investors the opportunity to participate in Shari'ah-compliant private equity investments globally.
• In February 2007, Unicorn, WestLB, ABC Islamic Bank E.C., Arab National Bank and Standard Bank Plc. (together the Joint Lead Managers) closed a landmark 3-year US$600 million Sukuk al-Ijara issue on behalf of Dar Al Arkan Real Estate Development Company (DAAR), a leading residential real estate developer in the Kingdom of Saudi Arabia. Unicorn also acted as structuring agent and Shari'ah advisor. The DAAR Sukuk marked the first international Sukuk issue for a Saudi corporate.
• Since its inception, Unicorn has already advised, structured and successfully placed deals with a total value approaching US$2 billion.
Media Contacts:
Mai AlJishi
Unicorn Investment Bank, Bahrain
Tel : +973 17566071
Mobile: +973 39467956
Mark Lunn
Gavin Anderson & Co, London
UK Tel: +44 (0) 20 7554 1400
UK Mobile: +44 (0) 7775 992 309
Posted by Anne-Birte Stensgaard, Senior News EditorMonday, May 21 - 2007 at 13:55 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Thu Jun 21 2007.
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