Investcorp to take 35% stake in Kuwait car leasing firm

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.