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Commenting on the acquisition, Tamer Bazzari, Partner and Head of Private Equity at Rasmala, said,
"We are very pleased with our investment in CII as it provides us with instant access to a very promising sector of the economy. With $2.4 trillion of announced construction projects in the GCC, there will be tremendous opportunities for well-managed companies specialised in this industry sector. Our decision to acquire a stake in CII was based on the recognisable milestones it has achieved, its successful investments, CII's strong management team and an attractive pipeline of opportunities."
CII commenced operations in early 2007 and was awarded "Best Newcomer Award Winner 2007" at the Private Equity World MENA Awards.
The CEO of CII, Munther Hilal, commented "We are delighted to have Rasmala join us as a strategic partner to assist us in growing our business throughout the Middle East region, where it has significant experience, contacts and presence. Our goal is to invest in profitable mid-size companies in order to build a healthy synergistic portfolio of sector focused businesses. These companies would benefit from CII's in-depth sector knowledge and hand-in-hand philosophy by working in close cooperation with the management of its investee companies to develop and implement value enhancing strategies."
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Posted by Anne-Birte Stensgaard, Senior News Editor
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