26 November 2009
Citadel Capital, the leading private equity firm in the Mena region, announced that it has acquired a controlling stake in two leading firms in the solid waste management sector.
The Egyptian Company for Solid Waste Recycling (Ecaru) and the Engineering Tasks Group (Entag) are managed as one firm and will be grouped under a single holding company that will serve as the core of Citadel Capital's platform investment in the solid waste management sector. The new company, Entag Holding, will be Citadel Capital's 18th platform company.
"We are absolutely delighted to announce the creation of our 18th platform investment, which will be controlled through the Eco-Logic Opportunity-Specific Fund," said Marwan Elaraby, Managing Director of Citadel Capital.
"The solid waste management sector is under-developed across the region, with a limited number of large companies operating and much of the waste not being properly treated. There is ample room for geographic expansion and vertical integration, including expansion into waste-based industries."
"Ecaru is also on the cutting edge of carbon credits trading," said Citadel Capital Principal Karim Ragab, explaining that the company became one of the first Egyptian organisations to sign a greenhouse gas emission reduction purchase agree?ment with the World Bank in the summer of 2008, agreeing to sell 325,480 tonnes of carbon dioxide equivalent greenhouse gas emission reductions to the Carbon Fund for Europe.
Stake in Sudan biscuit maker
Egyptian private equity firm Citadel Capital has bought a majority stake in a Sudanese biscuit and sweet maker that could serve as a gateway to Sudan's growing food market, the company said.
Citadel's consumer foods business Gozour has agreed to buy 75 per cent of Sudan's Al Musharraf, described by Gozour as a "distressed investment", through confectionary subsidiary Rashidi El Mizan (REM).
It said the deal had an enterprise value of $19 million (Dh69.8m).
"Food products in Sudan sell at a 30 per cent premium to the Egyptian market and the country holds significant potential as both an agricultural producer and as a new export market for Gozour products," Citadel said in a statement.
Gozour said Al Musharraf was a "natural fit" because its products - biscuits, flour and halawa, a popular sweet made from sesame paste - could easily be integrated with REM. (Reuters)
Citadel Capital, the leading private equity firm in the Mena region, announced that it has acquired a controlling stake in two leading firms in the solid waste management sector.
The Egyptian Company for Solid Waste Recycling (Ecaru) and the Engineering Tasks Group (Entag) are managed as one firm and will be grouped under a single holding company that will serve as the core of Citadel Capital's platform investment in the solid waste management sector. The new company, Entag Holding, will be Citadel Capital's 18th platform company.
"We are absolutely delighted to announce the creation of our 18th platform investment, which will be controlled through the Eco-Logic Opportunity-Specific Fund," said Marwan Elaraby, Managing Director of Citadel Capital.
"The solid waste management sector is under-developed across the region, with a limited number of large companies operating and much of the waste not being properly treated. There is ample room for geographic expansion and vertical integration, including expansion into waste-based industries."
"Ecaru is also on the cutting edge of carbon credits trading," said Citadel Capital Principal Karim Ragab, explaining that the company became one of the first Egyptian organisations to sign a greenhouse gas emission reduction purchase agree?ment with the World Bank in the summer of 2008, agreeing to sell 325,480 tonnes of carbon dioxide equivalent greenhouse gas emission reductions to the Carbon Fund for Europe.
Stake in Sudan biscuit maker
Egyptian private equity firm Citadel Capital has bought a majority stake in a Sudanese biscuit and sweet maker that could serve as a gateway to Sudan's growing food market, the company said.
Citadel's consumer foods business Gozour has agreed to buy 75 per cent of Sudan's Al Musharraf, described by Gozour as a "distressed investment", through confectionary subsidiary Rashidi El Mizan (REM).
It said the deal had an enterprise value of $19 million (Dh69.8m).
"Food products in Sudan sell at a 30 per cent premium to the Egyptian market and the country holds significant potential as both an agricultural producer and as a new export market for Gozour products," Citadel said in a statement.
Gozour said Al Musharraf was a "natural fit" because its products - biscuits, flour and halawa, a popular sweet made from sesame paste - could easily be integrated with REM. (Reuters)
© Emirates Business 24/7 2009
