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Doncasters has long standing and very close working relationships with all the leading global players in every area of its operations. Clients include Boeing, GE, Rolls-Royce, Honeywell in aerospace and Siemens.
The management team of Doncasters, led by Eric Lewis, is fully committed to the future of the company and will re-invest alongside DIC to increase their ownership further.
This investment follows a series of strategic, value-driven investments by DIC including a US$1 billion investment in DaimlerChrysler, the £800 million acquisition of The Tussauds Group, along with its anchor investments of US$272 million in JD Capital investment company in Jordan and US$150 million in Ishraq, a company formed to develop and own up to 22 Express by Holiday Inn hotels in the Middle East.
DIC's financial adviser on the transaction was HSBC Bank plc. RBEF was advised by Lazard & Co. Limited. Completion of the transaction is subject to regulatory approval and is expected in February 2006.
Mohammed Al Gergawi, Executive Chairman of Dubai Holding, commented:
'This acquisition is in line with our mission to take direct investments in leading international firms and blue chip organisations, with the aim of generating long-term shareholder value, whilst creating strategic alliances for Dubai Holding'
Sameer Al Ansari, Chief Executive Officer of Dubai International Capital, added: 'We found in Doncasters, as in the case of our investment in The Tussauds Group, a market leader with a strong committed management team, led by its highly respected CEO, Eric Lewis and attractive growth opportunities. We believe that together with the management team, we will continue to grow Doncasters and produce above average returns for all its shareholders.'
Eric Lewis, Chief Executive of Doncasters, said: 'The acquisition by DIC is a strong affirmation of Doncasters' continued growth prospects. New ownership provides us with a stable platform from which we can build on our robust business pipeline.' We are looking forward to working closely with DIC to continue to deliver strong growth in the future. We also take this opportunity to thank the Royal Bank of Scotland for its continued support over the past four years.'
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Posted by Lara Lynn Golden, News Editor
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