25 September 2013
Muscat: Investcorp, a global provider and manager of alternative investment products, yesterday announced that its Gulf Opportunity Fund has acquired a 30 per cent stake in Theeb Rent a Car Co, one of Saudi Arabia's leading car rental companies.
As part of the agreement, the fund will be represented on Theeb's board and will play an active role in key decisions which will include both governance as well as future exit strategies.
Theeb was established in 1991 by Homod Al Theeb and Mohammed Al Theeb operates a fleet in excess of 10,000 cars. It is the second largest car rental company in Saudi Arabia and operates in various locations across the Kingdom, including at all major airports. Over the last three years, Theeb has delivered more than 17 per cent growth in both revenues and net income.
"Theeb is a well-respected family business and a leading player in the Kingdom's car rental industry. It is well positioned to grow, driven by Saudi Arabia's booming economy.
We will work closely with the Theeb management team to help grow the business. This is the fund's tenth investment in the region and its fourth in Saudi Arabia," said Mohammed Al Mohammed Al Shroogi, Investcorp's President.
"We are enthusiastic about this partnership and about the company's growth prospects, given its leading position in a sector estimated at around $1 billion and which has witnessed double digit growth over the last five years," said Walid Majdalani, Managing Director, Investcorp Corporate Investments-MENA.
Investcorp's $1 billion Gulf Opportunity Fund invests in companies in the GCC and Turkey as well as MENA region. Its most recent investments in Saudi Arabia include Leejam Sports Company, the leading health and fitness club operator trading under the brand "Fitness Time."
Muscat: Investcorp, a global provider and manager of alternative investment products, yesterday announced that its Gulf Opportunity Fund has acquired a 30 per cent stake in Theeb Rent a Car Co, one of Saudi Arabia's leading car rental companies.
As part of the agreement, the fund will be represented on Theeb's board and will play an active role in key decisions which will include both governance as well as future exit strategies.
Theeb was established in 1991 by Homod Al Theeb and Mohammed Al Theeb operates a fleet in excess of 10,000 cars. It is the second largest car rental company in Saudi Arabia and operates in various locations across the Kingdom, including at all major airports. Over the last three years, Theeb has delivered more than 17 per cent growth in both revenues and net income.
"Theeb is a well-respected family business and a leading player in the Kingdom's car rental industry. It is well positioned to grow, driven by Saudi Arabia's booming economy.
We will work closely with the Theeb management team to help grow the business. This is the fund's tenth investment in the region and its fourth in Saudi Arabia," said Mohammed Al Mohammed Al Shroogi, Investcorp's President.
"We are enthusiastic about this partnership and about the company's growth prospects, given its leading position in a sector estimated at around $1 billion and which has witnessed double digit growth over the last five years," said Walid Majdalani, Managing Director, Investcorp Corporate Investments-MENA.
Investcorp's $1 billion Gulf Opportunity Fund invests in companies in the GCC and Turkey as well as MENA region. Its most recent investments in Saudi Arabia include Leejam Sports Company, the leading health and fitness club operator trading under the brand "Fitness Time."
© Times of Oman 2013
