| 01 Dec 2008 |
|
Seera buys UK water treatment firm for $200m
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Seera Investment BankSeera Investment Bank
, Bahrain-based Islamic investment bank, yesterday said it had concluded $200 million (Dh734.64m) acquisition of United Kingdom's leading water treatment solutions provider BWA Water Additives.The firm said in a statement a team of senior management visited the company's headquarters in Manchester where a number of high level meetings were held with BWA's executives and a comprehensive overview and a strategic roadmap of this venture were effectively formulated.
The breakthrough transaction was financed by Royal Bank of Scotland and HSBC, with mezzanine financing provided by RBS Equity Fund.
The acquisition brings into SeeraSeera
's fold a dominant niche player with high growth dynamics and strong cash flow characteristics in a non-cyclical sector, making SeeraSeera one of the first investment banks in the GCC to have a presence in the burgeoning water treatment market.SeeraSeera
Chairman Asaad Albanwan said: "BWA is a global leader, providing innovative and effective water treatment solutions. This acquisition will help SeeraSeera establish a presence in this important space and we look forward to exploiting the synergies of both Companies to gain a competitive advantage. Global demand for specialty water treatment chemicals will experience significant growth over the coming years and we feel very positively about investing in this sector."Abdulla Janahi, SeeraSeera
's General Manager and Acting Chief Executive Officer, said: "This transaction is highly significant given the fact that leveraged finance is going through turbulent times. The level of leverage we were able to secure was at the high end, illustrating the very positive support that SeeraSeera and BWA as a Company received from the banking industry." BWA's growth prospects are tremendous in a region like the Middle East, where considerable investments in water infrastructure are forecast to mitigate the growing supply-demand imbalance."
By Staff Writer
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