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QInvest acquires stake in outsourced hospitality services business

Qatar-based investment bank QInvest has acquired a 40.8 per cent stake in Intercat Hospitality and Butlers Dry Cleaning and Laundry Services, a UAE outsourced business services company.

The group, established in 1992, is comprised of Intercat, Butlers and restaurant concepts Mashawi and Toast.

Intercat specialises in the institutional catering market with clients in the hospitality, corporate, education, and contracting sectors.

Butlers is in the institutional dry cleaning and laundry market serving customers primarily in the hospitality sector.

The investment will enable the company to continue to grow its business in the UAE and expand into other GCC markets.

George Farha, founder and chairman of the group, says: “I am excited to be partnering with QInvest, which I see as being the ideal partner as we continue to grow our business. QInvest is an investor that believes in our business model and growth prospects and is able to support our regional ambitions given its network of relationships. This is a major step in our evolution as a family-controlled business and one which will benefit our customers, suppliers and employees. We will continue to grow Intercat and Butlers with the highest standards of attention and care to fulfil our customers’ needs.”

Anuj Khanna, co-head of investment management at QInvest, adds: “The investment is in line with our private equity fund’s investment strategy of backing strong management teams and scalable businesses in the Menasa region. This company offers an attractive value proposition to its customers in a growth sector which will become increasingly relevant in the GCC as customers seek productivity improvements in their core businesses through outsourcing efficiencies.”

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