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The share acquisition was made through NBK Capital's private equity fund, NBK Capital Equity Partners Fund. The acquisition is the latest step in NBK Capital's strategic focus on investment opportunities that demonstrate strong growth potential and which will benefit significantly from its management and regional market expertise.
'This transaction reflects NBK Capital's strategy of partnering with leading business groups in the region, in situations where we can add substantial value given our operational expertise. We are very excited to commence work with Bin Sulaiman Holding as Hanco capitalizes on the growing vehicle leasing market in Saudi Arabia,'
said Samir Assaad, Managing Director-Private Equity, NBK Capital.
Hanco, a member of the Bin Sulaiman Holdings Ltd. group, was founded in Saudi Arabia in 1976 and has expanded its product and service offering to attain a market leadership position in Saudi Arabia. Headquartered in Jeddah, the Company operates a fleet size of over 7,500 vehicles and has a network of 5 regional offices, 27 rental outlets and 8 workshop facilities located across Saudi Arabia. It has recently launched its operations in Bahrain as part of a strategic plan to expand in the GCC market.
Sheikh Hamad Saad AlSulaiman, CEO of Bin Sulaiman Holding, said: 'This is a significant strategic step forward for Hanco, and we are excited to have NBK Capital as our highly professional partners and the opportunity to use their international financial expertise to benefit our business. We look forward to working with the NBK Capital team as we take Hanco to the next level to make it a regional player.'
Hanco was awarded the platinum shield by the MENA Travel Awards 2008, representing the highest category award ever presented to a Saudi-based company in the category of best rent-a-car local brand in the MENA region.
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Posted by Medilyn Manibo, Assistant News Editor
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