GulfMerger announced today the 100% acquisition of Kuwait German Readymix by Hilal Cement for an undisclosed amount. GulfMerger acted as buy-side advisor to Hilal Cement on the transaction. The acquisition of Kuwait German Readymix by Hilal Cement marks the start of a vertical integration process and is part of a new strategy aimed at creating an integrated building materials company in Kuwait and across the region.
Hilal Cement is Kuwait's third largest cement company. Italcementi recently acquired a 51% equity interest in Hilal Cement in 2007 in one of Kuwait's ground-breaking M&A transactions representing the first-ever acquisition of a listed Kuwaiti company by a global company. The sale of Hilal Cement was completed through a private auction managed by GulfMerger.
Established in 1989, Kuwait German Readymix is an established producer of dry and wet readymix concrete focused on large-scale projects, including landmark buildings such as Kuwait's Liberation Tower. Kuwait German Readymix averaged an annual production of 140,000 cubic meters in the last three years and an average annual EBITDA in excess of USD 1,500,000.
GulfMerger acted as sole buy-side advisor to Hilal Cement in its acquisition of Kuwait German Readymix. Yann Pavie, Chief Executive of GulfMerger, said "this transaction clearly adds to the footprint of Hilal Cement in Kuwait. We are particularly pleased to have acted as financial adviser to Hilal Cement under the leadership of Italcementi on this successful transaction."
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About GulfMerger:
Established in 2007, GulfMerger is an independent financial advisory firm, principally focused on middle-market mergers, acquisitions, and strategic partnerships in the Middle East.
For any questions, contact:
Yann Pavie
Tel: +965 232-2941
Fax: +965 232-2995
Email: media@gulfmerger.com
Website: www.gulfmerger.com.
© Press Release 2008
