Abu Dhabi's The National Investor Private Equity Fund Exits Depa

Monday, Oct 31, 2011

DUBAI (Zawya Dow Jones)--Abu Dhabi-based investment bank The National Investor, or TNI, said Monday one if its private equity funds completed the exit from Dubai-based Depa (DEPA.DIF), one of the world's largest interior contractors which has a listing on Nasdaq Dubai and the London Stock Exchange.

TNI said the exit yielded a cash-on-cash return of 2.8x on the fund's investment and an internal rate of return of 61%. It didn't provide any other financial details on the sale.

TNI's Growth Capital Fund I, a buyout and growth capital fund focused on the Middle East and North Africa, made its first investment in Depa in 2006 when that company was still private.

TNI's chairman Abdullah Mazrui is also chairman of Depa, and his private office, Mazrui Holdings, retains a strategic stake in Depa. TNI as a bank also still holds a strategic investment in Depa at the corporate level.

Depa shares were last trading down 1.1% at $0.44 on Nasdaq Dubai.

-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com

(END) Dow Jones Newswires

31-10-11 0817GMT