By Daniel Shane
Jeddah private equity firm gobbles up stake in Sharjah’s Anchor Allied
Saudi Arabian asset management firm Alkhabeer Capital has bought an equity stake in sealants firm Anchor Allied Factory from Dubai Investments.
The acquisition, of which financial terms were not disclosed, was made through Jeddah-based Alkhabeer’s private equity division from Dubai Investments subsidiary Masharie.
In a statement on Sunday, Alkhabeer said that the deal would help Anchor Allied, which specialises in adhesive tape and spray paint, expand further into Saudi Arabia. The Sharjah, UAE-based company already has a footprint in 43 countries including India, the US, in Africa and the CIS nations.
"Our investment in Anchor Allied goes in line with our corporate and private equity strategies at Alkhabeer,” commented Alkhabeer CEO Ammar Shata.
Alkhabeer, founded in 2008, is currently seeking to broaden its investments in the Gulf and is also eyeing a listing on the Saudi stock exchange, the private equity firm said in August. In the last year, it has closed real estate deals in the United States and launched a British real estate fund. It also has ten Islamic funds, including six real estate funds, three publicly-listed funds and an industrial private equity fund.
Dubai Investments, in which sovereign fund Investment Corporation of Dubai (ICD) owns an 11.5 percent stake, posted a second-quarter net profit of AED 158.5m($43.2m) in its most recent financial results, compared with a profit of AED63.4m in the corresponding period in 2012.