Jul 14 2012
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Global completes the exit of Al Rayan Holding Company
On behalf of 2 private equity funds and co-invested clients
The Funds launched Al Rayan in 2007, and through acquisitions and organic growth created a network of 6 schools with over 10,500 registered students, making it the largest educational group in Kuwait offering educational services from kinder garden to high school. In late 2009, the Company went through a restructuring program of its operations which included several organizational and business growth initiatives through the leadership of a team from the Private Equity arm of Global. As a result, between 2009 and 2011, revenues, EBITDA, and operating profits grew at a compounded annual growth rate of 12%, 26% and 73% respectively.
Nasser Al Khaled, Global-appointed Chairman of Al Rayan , has indicated that the firm, in a very short period of time, has become a leader in the education sector in Kuwait and ran successfully schools under multiple systems, including the Kuwaiti National Arabic curriculum, the English National curriculum, the curriculum of the Indian Central Board of Education, and the Pakistani Board of Education. Al Khaled adds: "we are very proud of the fact that we have created a transparent and professionally run organization with proper governance systems and structures in a sector dominated by family run businesses and that we have been successful in creating an extremely capable management team that can continue to grow and take this company forward."
Rajiv Nakani, the Head of Alternative Asset Management at Global Investment House commented on this exit by saying "we are extremely delighted to have completed this exit and provided our investors with the liquidity particularly sought after in this economic environment." He adds: "We have been very successful in creating the largest educational platform in Kuwait and building great value in the firm in the past few years through a very active managerial approach and we believe that it is the right time to hand this Company over to a buyer who will benefit from creating additional value through further strategic synergies." He continued: "our investment in Al Rayan was not only a financial investment but also a social investment where we have placed the foundations for excellent educational entities in Kuwait and we intend to capitalize on our team's experience in this sector to roll out products targeting opportunities in social infrastructure."
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