14 December 2005
United Arab Emirates: Dubai International Capital LLC ('DIC'), the international investment arm of Dubai Holding, today announced that it has signed an agreement to acquire UK-based Doncasters Group Limited ('Doncasters') for AED 4.5 Billion from Royal Bank of Scotland Equity Finance (RBEF).
Doncasters is a leading manufacturer of precision engineered components and systems for applications in a variety of industries. The company operates 25 manufacturing facilities and employs over 4,500 people across Europe and North America. It has an international blue chip customer base in the aerospace and industrial gas turbines industries and the automotive turbocharger and medical technologies sectors.
Doncasters has long standing and very close working relationships with all the leading global players in every area of its operations. Clients include Boeing, GE, Rolls-Royce, Honeywell in aerospace and Siemens.
The management team of Doncasters, led by Eric Lewis, is fully committed to the future of the company and will re-invest alongside DIC to increase their ownership further.
This investment follows a series of strategic, value-driven investments by DIC including a US$1 billion investment in DaimlerChrysler, the 800 million acquisition of The Tussauds Group, along with its anchor investments of US$272 million in JD Capital investment company in Jordan and US$150 million in Ishraq, a company formed to develop and own up to 22 Express by Holiday Inn hotels in the Middle East.
DIC's financial adviser on the transaction was HSBC Bank plc. RBEF was advised by Lazard & Co. Limited. Completion of the transaction is subject to regulatory approval and is expected in February 2006.
Mohammed Al Gergawi, Executive Chairman of Dubai Holding, commented:
'This acquisition is in line with our mission to take direct investments in leading international firms and blue chip organisations, with the aim of generating long-term shareholder value, whilst creating strategic alliances for Dubai Holding'
Sameer Al Ansari, Chief Executive Officer of Dubai International Capital, added: 'We found in Doncasters, as in the case of our investment in The Tussauds Group, a market leader with a strong committed management team, led by its highly respected CEO, Eric Lewis and attractive growth opportunities. We believe that together with the management team, we will continue to grow Doncasters and produce above average returns for all its shareholders.'
Eric Lewis, Chief Executive of Doncasters, said: 'The acquisition by DIC is a strong affirmation of Doncasters' continued growth prospects. New ownership provides us with a stable platform from which we can build on our robust business pipeline.' We are looking forward to working closely with DIC to continue to deliver strong growth in the future. We also take this opportunity to thank the Royal Bank of Scotland for its continued support over the past four years.'
-Ends-
About DIC
Established in 2004, Dubai International Capital is a Dubai based international investment company that primarily focus on private equity.
It is a wholly owned subsidiary of Dubai Holding a large and diversified group that operates in the fields of healthcare, technology, finance, real estate, research, education, tourism, energy, and communications.
Dubai International Capital manages an international portfolio of diverse assets that provide Dubai Holding and its stakeholders with
Value growth
Diversification
Strategic investments and relationships
In its first year of operation Dubai International Capital has made the following investments
Committed over US$ 300 million to private equity funds
US$1 billion investment in DaimlerChrysler, making it the company's third largest shareholder
800 million acquisition of The Tussauds Group in the UK the largest operator of visitor attractions in Europe
JD 200 million ($272m) investment company 'JD Capital' targeting opportunities in Jordan
Anchor investor in Ishraq, a US$ 150million company formed to develop and own up to 22 Express by Holiday Inn hotels in the Middle East.
About Doncasters
Derbyshire-based Doncasters was created in 2001 through the acquisition and subsequent integration of a number of leading international specialist engineering businesses involved in alloy production, centrifugal casting, precision forging, ring rolling, fabrication and precision machining for a range of industries. These businesses included Rolls-Royce's Ross & Catherall, Honeywell's Precision Casting Foundry and a number of other Doncasters units.
Doncasters has long standing and very close working relationships with all the leading global players in every area of its operations. Clients include Boeing, GE, MTU, Pratt & Whitney, Rolls-Royce, Snecma, Hamilton Sundstrand and Honeywell in aerospace and Ansaldo, Alstom, GE and Siemens in industrial gas turbine technology. In automotive the company is a leading supplier of turbocharger components to BorgWarner, Holset, Honeywell and IHI. Medical orthopaedic customers include Aesculap,Biomet, Corin, DePuy, Finsbury, Zimmer and Smith & Nephew.
In 2004 the group turnover totalled approximately US$850m. The group operates from 25 sites across the UK, continental Europe and North America. Lean manufacturing and the use of Six Sigma principles are institutionalised in all of its facilities. The group currently employs over 4,500 staff worldwide.
The group prides itself in having a very close working relationship with its customers and has a very focused 'market driven' philosophy. In many instances new product offerings and time to market are the best in the industry. Doncasters is also able to offer a variety of unique solutions to highly complex engineering problems.
For further information, contact:
Hill & Knowlton
Tel: +44 (0)20 7413 3000
Tom Allison / Nicola Hankey
College Hill
Tel: +44 (0)20 7457 2020
Mark Garraway
Dubai International Capital
Tel: +971 (4) 3621886
Mashael Al Naimi
HSBC Bank plc
Tel: +44 (0)20 7991 8888
Charles Packshaw
Mario Fera
Mukhtar Hussain
Tel: +971 (4) 507 7333
Lazard & Co. Limited
Tel: +44 (0)20 7187 2000
United Arab Emirates: Dubai International Capital LLC ('DIC'), the international investment arm of Dubai Holding, today announced that it has signed an agreement to acquire UK-based Doncasters Group Limited ('Doncasters') for AED 4.5 Billion from Royal Bank of Scotland Equity Finance (RBEF).
Doncasters is a leading manufacturer of precision engineered components and systems for applications in a variety of industries. The company operates 25 manufacturing facilities and employs over 4,500 people across Europe and North America. It has an international blue chip customer base in the aerospace and industrial gas turbines industries and the automotive turbocharger and medical technologies sectors.
Doncasters has long standing and very close working relationships with all the leading global players in every area of its operations. Clients include Boeing, GE, Rolls-Royce, Honeywell in aerospace and Siemens.
The management team of Doncasters, led by Eric Lewis, is fully committed to the future of the company and will re-invest alongside DIC to increase their ownership further.
This investment follows a series of strategic, value-driven investments by DIC including a US$1 billion investment in DaimlerChrysler, the 800 million acquisition of The Tussauds Group, along with its anchor investments of US$272 million in JD Capital investment company in Jordan and US$150 million in Ishraq, a company formed to develop and own up to 22 Express by Holiday Inn hotels in the Middle East.
DIC's financial adviser on the transaction was HSBC Bank plc. RBEF was advised by Lazard & Co. Limited. Completion of the transaction is subject to regulatory approval and is expected in February 2006.
Mohammed Al Gergawi, Executive Chairman of Dubai Holding, commented:
'This acquisition is in line with our mission to take direct investments in leading international firms and blue chip organisations, with the aim of generating long-term shareholder value, whilst creating strategic alliances for Dubai Holding'
Sameer Al Ansari, Chief Executive Officer of Dubai International Capital, added: 'We found in Doncasters, as in the case of our investment in The Tussauds Group, a market leader with a strong committed management team, led by its highly respected CEO, Eric Lewis and attractive growth opportunities. We believe that together with the management team, we will continue to grow Doncasters and produce above average returns for all its shareholders.'
Eric Lewis, Chief Executive of Doncasters, said: 'The acquisition by DIC is a strong affirmation of Doncasters' continued growth prospects. New ownership provides us with a stable platform from which we can build on our robust business pipeline.' We are looking forward to working closely with DIC to continue to deliver strong growth in the future. We also take this opportunity to thank the Royal Bank of Scotland for its continued support over the past four years.'
-Ends-
About DIC
Established in 2004, Dubai International Capital is a Dubai based international investment company that primarily focus on private equity.
It is a wholly owned subsidiary of Dubai Holding a large and diversified group that operates in the fields of healthcare, technology, finance, real estate, research, education, tourism, energy, and communications.
Dubai International Capital manages an international portfolio of diverse assets that provide Dubai Holding and its stakeholders with
Value growth
Diversification
Strategic investments and relationships
In its first year of operation Dubai International Capital has made the following investments
Committed over US$ 300 million to private equity funds
US$1 billion investment in DaimlerChrysler, making it the company's third largest shareholder
800 million acquisition of The Tussauds Group in the UK the largest operator of visitor attractions in Europe
JD 200 million ($272m) investment company 'JD Capital' targeting opportunities in Jordan
Anchor investor in Ishraq, a US$ 150million company formed to develop and own up to 22 Express by Holiday Inn hotels in the Middle East.
About Doncasters
Derbyshire-based Doncasters was created in 2001 through the acquisition and subsequent integration of a number of leading international specialist engineering businesses involved in alloy production, centrifugal casting, precision forging, ring rolling, fabrication and precision machining for a range of industries. These businesses included Rolls-Royce's Ross & Catherall, Honeywell's Precision Casting Foundry and a number of other Doncasters units.
Doncasters has long standing and very close working relationships with all the leading global players in every area of its operations. Clients include Boeing, GE, MTU, Pratt & Whitney, Rolls-Royce, Snecma, Hamilton Sundstrand and Honeywell in aerospace and Ansaldo, Alstom, GE and Siemens in industrial gas turbine technology. In automotive the company is a leading supplier of turbocharger components to BorgWarner, Holset, Honeywell and IHI. Medical orthopaedic customers include Aesculap,Biomet, Corin, DePuy, Finsbury, Zimmer and Smith & Nephew.
In 2004 the group turnover totalled approximately US$850m. The group operates from 25 sites across the UK, continental Europe and North America. Lean manufacturing and the use of Six Sigma principles are institutionalised in all of its facilities. The group currently employs over 4,500 staff worldwide.
The group prides itself in having a very close working relationship with its customers and has a very focused 'market driven' philosophy. In many instances new product offerings and time to market are the best in the industry. Doncasters is also able to offer a variety of unique solutions to highly complex engineering problems.
For further information, contact:
Hill & Knowlton
Tel: +44 (0)20 7413 3000
Tom Allison / Nicola Hankey
College Hill
Tel: +44 (0)20 7457 2020
Mark Garraway
Dubai International Capital
Tel: +971 (4) 3621886
Mashael Al Naimi
HSBC Bank plc
Tel: +44 (0)20 7991 8888
Charles Packshaw
Mario Fera
Mukhtar Hussain
Tel: +971 (4) 507 7333
Lazard & Co. Limited
Tel: +44 (0)20 7187 2000
Press Release 2005
