Gulf Capital, one of the largest private equity firms investing from the GCC to the rest of Asia, has sold its strategic stake in Egypt-listed Middle East Glass (MEG) to the majority shareholder of the business, MENA Glass Holdings Limited.
Gulf Capital’s growth investment helped MEG to become the largest glass packaging manufacturer in the Middle East and the second largest in Africa. The company serves several high-growth, consumer-facing industries, including food, beverage, and pharmaceuticals and is currently one of the top five exporters in Egypt.
Today, MEG operates three state-of-the-art facilities with 17 production lines, and six furnaces, with an operating capacity of over 385k MT per annum, from 197k MT per annum at entry. It grew its global footprint by increasing the number of export markets by around 3x, to over 25 countries, serving blue chip clients both locally and in export markets.
During Gulf Capital’s holding period, MEG doubled its production capacity, added new production lines, secured a $100m debt financing, increased its export markets by around 3x, and grew its key clients by 21x. The company also increased its revenues and profitability by more than three time, while increasing its profit margins by 50%.
Gulf Capital was advised on financials by Arqaam Capital and on Legal by White & Case. MENA Glass Holdings Limited was advised on legal by both MENA Associates in association with AMERELLER and Bahaa-Eldin Law Office in cooperation with BonelliErede.
