Kuwait-based Global Investment House says it has established ‘synergy and co-operation’ between its portfolio companies Al Sawani for Food & Industrial Supply and Future Kid Enterta
Kuwait-based Global Investment House says it has established ‘synergy and co-operation’ between its portfolio companies Al Sawani for Food & Industrial Supply and Future Kid Entertainment & Real Estate.
It has created a memorandum of understanding which aims to enable cooperation between Al Sawani and Future Kid for exploring opportunities to set up new outlets in the Gulf Cooperation Council (GCC).
The private equity group of Global had recently announced the completion of the acquisition of a controlling stake in Al Sawani, a Saudi based retailing giant offering clothing apparels and accessories in GCC.
Al Sawani currently has 76,000 square meters of retail space spread over 550 outlets spread across 12 regional countries through which it retails its portfolio of 36 international brands of apparel and accessories including Guess, Benetton, Sfera and Esprit.
The company has just completed the capital increase of about USD40m with the help of the private equity group to fund the acquisition opportunities that it is exploring in the region.
Future Kid was established to manage, organise, and operate leisure activities for adults and children both indoors and outdoors. It has 12 major multi-attraction indoor play-halls amassing 17,500 square meters.
Future Kid listed its shares on the Kuwait Stock Exchange last week.
Shailesh Dash, head of the alternative investments group of Global, says: ‘The private equity group continuously looks for establishing synergy between its portfolio companies and this memorandum of understanding is another example of the value addition brought in by the group.’
Global Capital Management, a 100 per cent subsidiary of Global, manages Global’s private equity funds with over USD3bn of assets under management.
