Redington Gulf to receive Dhs360m in private equity

Investcorp a leading provider and manager of alternative investment products with offices in the Kingdom of Bahrain, London and New York, has acquired a significant minority stake in Redington Gulf. Investcorp will make the investment through its $1.1bn Gulf Opportunity Fund I.

Redington said that the capital increase will be used to support its successful growth in the region. The infusion of private equity will not only fund Redington Gulf's organic growth, but also enable it to look at acquisitions to expand its footprint and strong presence in countries throughout the Middle East and Africa.

Raj Shankar, CEO of Redington Gulf, said:

"Redington Gulf has been a tremendous successful story for us by building itself, within a few years, into the leading distributor of IT and telecom products in the Middle East. Investcorp is now the perfect strategic partner to help Redington Gulf exploit further the exceptional opportunities in the Middle East and Africa. Investcorp's expertise and brand name in the region will be of very significant help to us over the next few years as we seek to sustain the rapid growth in revenues we have achieved."

Redington Gulf is the unrivalled leading IT distributor and supply chain solutions provider in the Middle East and Africa, distributing over 24 brands of IT and telecom products for global brands such as HP, Acer, Samsung, Western Digital, Nokia, Cisco and Avaya.

Redington Gulf is at present a wholly owned subsidiary of Redington India Ltd (REDIL), the globally distinguished IT distributor listed on Indian bourses. It operates in India, South Asia, the Middle East and Africa.

Redington Gulf is headquartered in Dubai, UAE, and currently operates on a standalone basis in the Middle East and key African countries with total revenues exceeding $1bn for the last financial year. Redington has established a solid and superior track record in performance and organic growth across many markets in the Gulf and the rest of the region.

Today Redington Gulf is active in 23 markets across the Middle East and Africa and has over 580 staff and a network of 14 entities in ten countries. PCs and printers are currently the company's biggest product lines, although mobile phones are growing in significance, particularly in Africa.