Investcorp to take 35% stake in Kuwait car leasing firm

Investment is Investcorp's sixth through its US$1bn Gulf Opportunity Fund; deal through capital injection

Bahrain-based Investcorp acquired a 35 percent stake in Kuwait's car leasing and rental firm Automak Automotive Company.

Bahrain-based Investcorp acquired a 35 percent stake in Kuwait's car leasing and rental firm Automak Automotive Company.

Bahrain-based Investcorp acquired a 35 percent stake in Kuwait's car leasing and rental firm Automak Automotive Company, marking the alternative asset manager's sixth investment through its US$1bn Gulf Opportunity Fund.

Investcorp did not give financial details of the transaction but said in a statement on Sunday that the deal will be done through a capital injection.

Co-founded in 2002 by Al Kharafi Projects Company, Automak has over 15 percent market share in Kuwait, operating a fleet of more than 4,500 vehicles and provides rental, car leasing and distribution services.

The deal comes two months after Investcorp acquired a 30 percent stake in Turkey's menswear retailer Orka Group. Other investments in the fund include stakes in Kuwaiti Gulf Cryo, Saudi L'azurde and Turkish Tiryaki Agro.

The Gulf Opportunity Fund earlier this year exited from its first investment in UAE-based Redington Gulf.

Investcorp, which previously took luxury brands Gucci and Tiffany & Co public, had US$11.5bn in assets under management as at June 30, 2012.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Trading bricks: The growing popularity of real estate investment trusts in the Gulf

Trading bricks: The growing popularity of real estate investment trusts in the Gulf

Investor interest in real estate investment trusts (REITs) has...

First bank merger in 20 years sets Saudi Arabia up for more deals

First bank merger in 20 years sets Saudi Arabia up for more deals

Q&A look at what the planned merger of HSBC and RBS’s Saudi ventures...

A natural move: How Dubai Chamber is strengthening its ties in Latin America

A natural move: How Dubai Chamber is strengthening its ties in Latin America

With vast resources and more than half-a-billion people, the...

Most Discussed
sponsoredTracking