Bahrain Mumtalakat Holding Company, the investment arm of the Gulf kingdom, has announced the acquisition of a significant equity stake in a UK-based specialised water treatment company, Envirogen Group.
The acquisition was completed alongside Gecos Invest and Hermes GPE Environmental Innovation Fund through a joint investment syndicate led by Promethean UK Opportunities Fund II, Mumtalakat said in a statement without giving a value for the deal.
Envirogen is a specialised international provider of environmental technology and process solutions for the treatment of water, wastewater, vapour emissions and material recovery, with operations across Europe and North America.
It offers water treatment and process filtration solutions to a predominantly blue chip customer base across a range of industries including food and beverage, chemicals and refining, mining and power.
Through its strategic alliance with Mumtalakat, Envirogen aims to expand its operations into Bahrain and the GCC region, the statement said.
Mahmood Hashim Alkooheji, CEO of Mumtalakat, said: "We are delighted to have completed this investment in Envirogen, which meets our objective to invest in well-positioned international businesses with proven track records of performance and solid growth potential.
"Through our representative on the Board of Envirogen, we aim to work closely with its experienced management team to fulfil the company's future growth objectives and expansion plans in the GCC region."
Andrea Davi, CEO of Envirogen added: "We are excited to have Mumtalakat as one of Envirogen's strategic shareholders, and we look forward to working with them on the expansion into the MENA region
"Our strategy is to expand our business, by offering long term solutions to our customers based on our proprietary know-how through the service-to-operate model."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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