Unicorn Global Private Equity Fund I has taken an equity stake in Kuwait-based Al-Assriya Industries Holding Company, which holds investments in industries ranging from carpet manufacture
Unicorn Global Private Equity Fund I has taken an equity stake in Kuwait-based Al-Assriya Industries Holding Company, which holds investments in industries ranging from carpet manufacture to oil and gas services.
Established in 2002, Al-Assriya currently holds significant equity stakes in seven companies, located primarily in Kuwait, operating in sectors that also include manufacturing, printing and publishing, chemicals and packaging. Al-Assriya’s strategy is to take advantage of the economic boom in Kuwait and the surrounding region to invest in industrial companies with significant growth potential.
The investment in Al-Assriya is the fourth by the Unicorn Global Private Equity Fund. The fund has also acquired stakes in United Arab Emirates-based ready-mix supplier Orimix Concrete Products and two US-based companies, handbag and leather goods firm Ellington Leather and Precision Time, a provider of watch repair services, fashion watches and accessories.
Unicorn Investment Bank, the fund’s investment manager, and Al Safat Investment Company, its investment advisor, recently launched a second round of capital-raising for the fund, with the aim of achieving a final close by June 30.
The fund’s objective is to achieve mid- to long-term capital appreciation by acquiring positions in existing businesses, creating value through prudent use of leverage, consolidation, financial restructuring, operational enhancements and the granting of management incentives.
The targeted geographic breakdown of the fund is 50 per cent in the Gulf Co-operation Council region, 25 per cent in the Levant and Turkey, and 25 per cent in the US and South-East Asia.
Aamir H. Khan, managing director for global private equity at Unicorn and chairman of the fund investment committee, says of the new fund-raising campaign: ‘Although there are several players now active in the private equity sector in the region, we believe that we have a compelling story and a differentiated approach.
‘This is an exceptional opportunity for investors to acquire a stake in a fund that has already invested in four profitable companies with proven business models and strong growth prospects in their respective markets.
‘Furthermore, investors have the opportunity to participate in the fund at par, which, given that the fund’s current investments are performing well ahead of target, is effectively a discount to the current fair value of the fund.’
