Dôme Coffees Australia Secures Private Equity Investment

For the second time a European-style café chain Dôme Coffees Australia Pty Ltd secured investment from Navis Capital Partners, a private equity firm specializing in direct equity investments in growth, buyouts, recapitalizations, and financial restructurings.

Modeled on a European-style cafe-restaurant with 110 outlets in Australia and other parts of the world including Malaysia and Bahrain, Dôme has scored a fourth round of funding, this time from sole investor Navis, totaling between $50 million and $100 million, said Dôme Managing Director Nigel Oakey.

Kuala Lumpur, Malaysia-based Navis has taken a majority stake in Dôme, using capital from its sixth, $1.2 billion fund. The exact figure for this new round wasn’t disclosed by either Navis or Dôme, but Mr. Oakey noted that the enterprise value of the company back in 2007 and 2008 was roughly $50 million to $60 million, and since then has increased.

Dôme previously raised around $70 million, with this latest round marking Navis’s second investment into the business.

Navis first injected capital in Dôme through its Navis Asia Fund III in 2003, and then exited the investment five years later. Media reports, including one from the Asian Private Equity Review, previously said that Navis spent $15 million buying out Australian buyout firm GS Private Equity Partners in December 2003.

Source: Wall Street Journal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, European-Style Café, Dôme Coffees Australia Pty Ltd, Navis Capital Partners, Australia, Malaysia, Bahrain, Nigel Oakey, Kuala Lumpur, Navis Asia Fund III, Asian Private Equity Review, Australian Buyout Firm, GS Private Equity Partners.


Islamic Development Bank Reveals $2B PE Infrastructure Fund

Islamic Development Bank’s President Ahmad Mohammad Ali is pleased to announce the launch of the $2 billion Islamic Development Bank Infrastructure Fund II, the largest private equity infrastructure fund.

The IDB Fund II is supported by the Public Pension Agency of the Kingdom of Saudi Arabia, the Public Investment Fund of the Kingdom of Saudi Arabia, the Ministry of Finance of the Kingdom of Bahrain and the Ministry of Finance of the Sultanate of Brunei Darussalam as founding investors, with aggregate commitments totalling USD750 million for the first closing.

A final closing with additional investors is targeted for early 2015.

The IDB Fund II is the successor to the USD730 million IDB Infrastructure Fund I (the IDB Fund I), also supported by the founding investors, which achieved an IRR of 18 per cent and an investment multiple of 1.7 times across signature projects such as AirAsia in Malaysia, Saudi International Petrochemical Company (SIPCHEM) in Saudi Arabia and AES Oasis Ltd with power assets in Pakistan, Oman and Jordan.

Source: Private Equity Wire

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Islamic Development Bank, Ahmad Mohammad Ali, Islamic Development Bank Infrastructure Fund II, Private Equity Infrastructure Fund, Public Pension Agency, Kingdom of Saudi Arabia, Bahrain, AirAsia, Malaysia, Saudi International Petrochemical Company, Saudi Arabia, AES Oasis Ltd, Pakistan, Oman, Jordan.


Investcorp Ends Talks over Roberto Cavalli’s Takeover

Investcorp, a leading provider and manager of alternative investment products, serving high-net-worth private and institutional client, has ended talks to buy a majority stake in Italian fashion house Roberto Cavalli.

Roberto Cavalli’s private equity designs faded on Friday as Investcorp ended talks to buy a majority stake, bolstering skepticism the eponymous fashion house could go down the same route of rival label Versace and engage international investors.

The 73-year-old Italian designer, known as “The Leopard King” for his animal prints colorfully cast in leather, silk and velvet, was hoping to receive a 450-million-euro ($612 million) offer from Investcorp by a June 30 deadline.

But the Bahrain-based private equity company, which owned Gucci in the past and was also a bidder for the 20 percent stake in Versace, turned its back on the deal, said two sources close to the negotiations.

Source: Reuters

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Investcorp, Alternative Investment Products, Italy, Italian Fashion House, Roberto Cavalli, Versace, The Leopard King, Bahrain, Bahrain Private Equity, Gucci.


PineBridge Reaches First Close on Rare Sharia Fund

PineBridge, a global asset manager with $71.4 billion in assets under management, announced it has reached a first close on a rare sharia-compliant real estate fund.

PineBridge GCC Real Estate Fund has so far raised $140 million of its $200 million target, according to a statement from Pinebridge today.

It is PineBridge’s first sharia-compliant fund and will invest in existing properties in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. It will focus on warehousing, healthcare, education, and retail properties.

A spokeswoman for Pinebridge said that the firm had seen “definite investor demand for sharia compliant” products and that investors include sovereign wealth funds and financial institutions.

Before the financial crisis and the Arab Spring, Sharia funds had long been expected to surge on the back of appetite among oil-rich Middle Eastern investors. But despite greater understanding of their structure among private equity firms and investors, interest in these funds has dwindled over the past five years.

On average around $900 million has been raised every year since 2009 by Sharia compliant funds, according to data provider Preqin. Before the onset of the financial crisis, interest in sharia funds had been on the rise, with private equity firms raising $5.6 billion of capital through six such funds in 2006 alone.

Source: Financial News

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, PineBridge, Global Asset Manager, Rare Sharia-Compliant Real Estate Fund, Rare Sharia Fund, Real Estate, Real Estate, Real Estate Fund, PineBridge GCC Real Estate Fund, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, Arab Spring, Middle Eastern Investors, Preqin.


VCBank Reports $4.3 Million H1 Net Profit

Bahrain-based Venture Capital Bank (VCBank) has reported a net profit of $4.3 million for the six months period ended December 31, 2013.

Total revenue for the six months under review was $10.4m as against $15.2m of the corresponding previous period. On a quarterly basis, the bank posted a net profit of $1.8m after impairment provisions and fair value loss of $0.85m compared with $2.5m after impairment provision of $0.14m for the corresponding previous quarter.

Total revenue for the quarter was $5.3m, three per cent higher than the previous quarter’s level with income from investment banking activities representing the major portion at $4.9m ($4.6m in previous quarter).

The bank has maintained a collective provision of $4m as a cushion against potential impairments.

Chairman Dr Ghassan Al Sulaiman highlighted the rebound to profitability and the strong contribution from investment banking activities.

The balance sheet has continued to grow with total assets increasing to $247.1m compared to $221.5m as on June 30 last year. Remaining largely unleveraged, total assets principally comprise shareholders’ equity which has grown to $205.5m from $200.5m as on June 30 last year, a 5pc growth on an annualised basis.

Source: Gulf Daily News

 

Tags: Venture Capital, Venture Capital Firm, Venture Capital Group, Venture Capital Industry, Venture Capital Investment, Venture Capital Investor, Venture Capital Fund, VC Funding, VC, Bahrain, Bahrain Venture Capital, Bahrain Venture Capital Bank, Venture Capital Bank, VCBank, Bank, Dr Ghassan Al Sulaiman.


Everstone Capital Announces the Sale of 15% Stake in VLCC Healthcare

Everstone Capital, an Indian focused investment manager with dedicated private equity and real estate funds, has begun with the selling process of its 15 percent stake in VLCC Healthcare Ltd and has asked investment bank Equirus Capital Pvt. Ltd to find buyers, according with two people familiar with the matter.

The transaction could be worth Rs.350 crore, one of them said. Everstone bought its stake in VLCC, which runs slimming centres, for Rs.50 crore in 2007. The New Delhi-based company posted a revenue of Rs.700 crore and operating profit of Rs.100 crore for the year 2012-13, according to VCCircle, which provides investment information.

“The mandate has just been given out and it is very early to say who the new investors could be or the final valuation,” said the person cited above.

Equirus Capital declined comment.

Founded in 1989 by beautician Vandana Luthra, VLCC has since expanded to over 300 locations in 121 cities and 16 countries with operations in India, Sri Lanka, Bangladesh, Nepal, Malaysia, Singapore, the United Arab Emirates, Oman, Bahrain, Qatar and Kuwait.

Source: Livemint

 

Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity Fund, Private Equity investment, Private Equity Investor, Fund of Fund, Private Equity business, Private Equity industry, PE, Israeli Private Equity, Everstone Capital, Real Estate, Real Estate Fund, India, VLCC Healthcare Ltd, Equirus Capital Pvt. Ltd, New Delhi, Vandana Luthra, Sri Lanka, Bangladesh, Nepal, Malaysia, Singapore, United Arab Emirates, Oman, Bahrain, Qatar, Kuwait.


Bahrain’s Tadhamon Capital Completes Negotiation of Paul Street Development

Tadhamon Capital, a Bahrain-based Islamic investment company, has fully completed the purchase of Paul Street, a mixed-use student development, valued at over £100 million ($161.9 million) in London.

The acquisition was concluded in joint venture with Apache Capital and McLaren Property following the successful development and full letting of its first prime Central London student development – Paris Gardens – which was also carried out with McLaren Properties.

The Paul Street development will be comprised of three blocks, two of which will contain 456 student accommodation units with a 1,550 sqft ground floor retail space, with the third block consisting of a stand-alone office building. Construction work is expected to commence in during the first quarter of 2014 with completion targeted by the end of Q3 2015. The investment is expected to generate a minimum average annual net cash yield of 7.3% and an Internal Rate of Return of 17.5%

Paul Street is located on the northern fringe of the City, within proximity of the fashionable areas of Hoxton and Old Street. The property benefits from its close proximity to the major public transport nodes of Liverpool Street Station and Old Street tube station and from being within walking distance of two of London’s largest universities: London Metropolitan University and City University.

Source: PR Newswire

 

Tags: Venture Capital, Venture Capital firm, Venture Capital group, Venture Capital industry, Venture Capital investment, Venture Capital Investor, Venture Capital fund, VC Funding, VC, Tadhamon Capital, Bahrain, Islamic Investment Company, Paul Street, London, Joint Venture, Apache Capital, McLaren Property, Paris Gardens, Hoxton, Old Street, Liverpool Street Station, Old Street, : London Metropolitan University, City University.


Swatch the Biggest Shareholder in Dubai Retailer Rivoli

Swatch Group, which  offers watches, watch components, jewelry, miniature batteries, LCD displays, and scoreboards,  is pleased to announce the acquisition of majority stake in Rivoli Investments LLC to take control of the Dubai-based retail group, gaining a network of 360 businesses across the Middle East.

Swatch, based in Biel, Switzerland, didn’t disclose the seller’s name or financial details of the transaction that will give it control of Rivoli, according to an e-mailed statement today. Previously, it held a 40 percent stake in the retailer, which offers Swatch timepieces for sale across its network.

The Swiss company said in July that it expects a strong second-half after profit rose 6.1 percent to 768 million Swiss francs in the first six months. The company is expanding in markets outside Asia such as the U.S. to avoid depending too much on that region, Chairwoman Nayla Hayek said on May 29.

Rivoli is an importer, distributor and retailer of luxury products from watches to leather accessories in the United Arab Emirates, Oman, Qatar and Bahrain, according to its website.

Source: Bloomberg

 

Tags: Venture Capital, Venture Capital firm, Venture Capital group, Venture Capital industry, Venture Capital investment, Venture Capital Investor, Venture Capital fund, VC Funding, VC, Watches manufacturer, Watch Components, Jewelry, Miniature Batteries, LCD Displays, Scoreboards, Swatch Group, Rivoli, Rivoli Investments LLC, Dubai, Middle East, Biel, Switzerland, Nayla Hayek, United Arab Emirates, Oman, Qatar, Bahrain.


Versace Takes Step Forward to Offload Stake in the Fashion House

An Italian fashion company and trade name founded by Gianni Versace in 1978, Versace, has taken a step forward to offload its stake in the fashion parade, inviting private equity investors.

The bidders for 20 to 30 per cent of Versace include former Gucci owner Investcorp, the Bahrain-based investment firm, as well as fund manager Blackstone and London-based Permira, the private equity group that owns Hugo Boss and sold Valentino last year, people with knowledge of the talks said. They also include the Italian strategic fund FSI and Paris-based group Ardian.

At the end of last month, those interested parties were asked to give an indicative offer price and detail how they viewed governance with the founding family.

They will next meet the management of the company before handing over fresh bids on November 25. Offers for what is one of the last independent Italian luxury brands were expected to exceed €850m, or more than 12 times the level of earnings before interest, tax, depreciation and amortisation, according to one of the people.

Source: Financial Times

 

Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity Fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, Italian Fashion Company, Gianni Versace, Versace, Gucci, Investcorp, Bahrain, Blackstone, London, Permira, Hugo Boss, Valentino, FSI, Paris, Ardian, Italian Luxury Brands.


Saudi-Based Al Baraka Unit Eyes $200M Fund

Itqan Capital, Al Baraka Banking Group’s subsidiary, will be launching a private equity fund that would support investments in the education sector in the Middle East.

Itqan Capital, a unit of Bahrain’s Al Baraka Banking Group, is eyeing up to $200 million for the fund that it plans to launch with Bahrain-based school consultancy firm D3 Consultants in 2014, Itqan Chief Executive Adil Dahlawi told Reuters on Monday.

The fund launch underscores rising appetite among investors for education-related investments in the Gulf Arab region, home to a rising young population and a growing middle class whose standards of living are increasing steadily thanks to strong economic growth.

“We are pushing the envelope today. We are saying, if you want to start an investment on the education side, be fully dedicated to that and don’t come into it only seeking returns. There is a social commitment to this which we want to adhere to,” Dahlawi said. Source

 

Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity Fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, Education Private Equity Fund, Itqan Capital, Al Baraka Banking Group, Bahrain, D3 Consultants, Adil Dahlawi, Reuters, Gulf Arab, Gulf.


Dow Chemical Shares Raise on Buyout Talk

Dow Chemical Co. shares rose almost five per cent after The Sunday Express, a British tabloid, reported a group of Middle Eastern investors and American buyout firms is preparing a bid for the huge chemicals and plastics maker.

The Sunday Express, a British tabloid, reported over the weekend that the group has secured financing for a $50 billion US bid for the Midland, Mich.-based chemicals company. That would be the biggest leveraged buyout ever.

The Express reported the investment team, which includes private equity firm Kohlberg Kravis Roberts & Co., is preparing a bid of $52 to $58 US per share. At the low end, that would be a 17 per cent premium over Dow Chemical’s closing stock price of $44.47 US on Thursday on the New York Stock Exchange. The market was closed Good Friday.

Dow Chemical’s stock jumped $2.16 to $46.63 US on the New York Stock Exchange after rising to a new 52-week high of $47.60 US earlier in the session.

The newspaper said a bid of between $52 to $58 US a share could come this week, with half the financial backing coming from investors in Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates and Oman, and half from U.S. investors. Source

 

Tags: Buyout, Buyout Funds, Leveraged Buyout, Buyout Firm, Buyout Talk, Dow Chemical, Dow Chemical Co., Middle Eastern Investors, American Buyout Firms, The Sunday Express, Kohlberg Kravis Roberts & Co., KKR, Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, New York Stock Exchange, Good Friday, Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates, Oman.


Private Equity CVC Capital to Buy Skrill Group for $800M

Europe’s leading private equity and investment advisory firms CVC Capital Partners Ltd. has agreed to purchase majority stake in British online payment company Skrill Group Plc in its third deal in seven days from a private equity company Investcorp for a total cash consideration of $800 million.

The buyout values Skrill at 600 million euros ($800 million), Bahrain-based Investcorp Bank BSC said today in a statement. London-based Skrill generated more than 200 million euros in sales and 50 million euros of earnings before interest, tax, depreciation and amortization in 2012, Investcorp said.

Credit Suisse Group AG, Jefferies Group LLC and Royal Bank of Scotland Group Plc provided senior debt financing for the buyout of Skrill, CVC said in a statement.

CVC plans to fund the deal with 305 million euros of loans, including 275 million euros of debt that will be drawn for the acquisition, according to a person with knowledge of the matter, who asked not to be identified because the financing is private.

Ed Moore, a London-based spokesman for CVC employed by Brunswick Group, declined to comment on the debt financing. Source

 

Tags: Private Equity, Private Equity Company, Private Equity investment, Private Equity fund, Private Equity fund, Private Equity Fund of Fund, European Private Equity, CVC Capital, CVC Capital Partners Ltd., Skrill Group Plc, Investcorp, Buyout, Buyout Firm, Leveraged Buyout, Bahrain, Investcorp Bank BSC, London, UK, Credit Suisse, Credit Suisse Group AG, Jefferies Group LLC, Royal Bank of Scotland Group Plc, Ed Moore, Brunswick Group.


Bahrain Investcorp to Sell Skrill Group to CVC Capital for €600M

Bahrain-based leading provider and manager of alternative investment products Investcorp announced that it had decided to sell British online payments services firm Skrill Group to one of the world’s leading private equity and investment advisory firms CVC Capital Partners for a total cash consideration of €600 million ($800 million).

As part of the deal, Investcorp will keep a “substantial” minority position in the company and retain a seat on Skrill’s board, the company said in an emailed statement. It did not elaborate on the size of the stake.

Investcorp Technology Partners, the private equity firm’s technology arm, bought Skrill, or Moneybookers as it was formerly called, for 105 million euros in March 2007, according to Thomson Reuters LPC data.

At the time of the acquisition, Skrill generated revenues of 7.8 million euros and earnings before interest, taxes, depreciation and amortisation of 3.7 million euros. It now employs about 700 people and in 2012, generated over 200 million euros in revenues and 50 million euros in EBITDA, Investcorp said. Source

 

Tags: Private Equity, Private Equity firm, Private Equity fund, Private Equity fund, Private Equity Company, Private Equity management, Bahrain Private Equity, Bahrain, Kingdom of Bahrain, Investcorp, British, Britain, UK, Skrill Group, CVC Capital Partners, Investcorp Technology Partners, Moneybookers, Thomson Reuters LPC.


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